The median California home price in March was $223,000, down 0.4 percent from $224,000 in February, and down 37.7 percent from $358,000 for March a year ago. Approximately, half the drop in the median price is due to depreciation, the other half due to shifts in the types of homes selling.
Of the existing homes sold last month, 57.4 percent were properties that had been foreclosed on. A year ago it was 35.5 percent.
Sales of foreclosed home is nearing its 2008 peak, while financing with adjustable-rate mortgages is at an all-time low, as is…