L.A.-area home prices are down, down, down (Are you surprised?)

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Prices in Los Angeles and Orange Counties dropped 34% from October 2007 to October 2008, according to the Standard & Poors/Case Shiller Index released this morning.

The worst declines were among homes priced lower than $351,000, which lost 39% of value during the year. Those same homes have lost 46% of their value since the bubble’s peak in 2006.

Higher priced homes, by comparison, have lost 24% since 2006.

-- David Pierson