Lower-priced homes in the Los Angeles area experienced the steepest declines between October 2007 and October 2008, according to data published on Tuesday.
Lower-priced homes in the area were down 46 percent in the period from their peak price in November 2006, and high-priced homes were down 24 percent from their peak in June 2006, the Los Angeles Times reported, quoting data from the Standard & Poor's/Case-Shiller index of home prices in 20 metropolitan areas.
Overall, the Los Angeles area home prices have declined 34 percent compared with their high in September 2006.
The index showed homes priced below 351,171 dollars dropped 39 percent between October 2007 and October 2008. Mid-priced homes (351,171 to 530,387 dollars) fell 28 percent and the most expensive homes (over 530,387 dollars) dropped 21 percent, according to the paper.
Nationwide, home prices continued spiraling downward at a record-setting pace in October, said the paper.
The index of home prices in 20 metropolitan areas was down 18 percent in October from the same month a year ago, the 22nd straight month of decline, the paper said.
(Xinhua News Agency December 31, 2008)