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SAN DIEGO – Mortgage data provider DataQuick reported today that the median sales price for a Southern California home has dropped 41% from peak prices only 18 months ago. Price drops are being blamed on foreclosures, which are driving home sales. In fact, foreclosures accounted for more than half of all SoCal homes sold in October.

Western Corporate Federal Credit Union economist Dwight Johnston said California’s unemployment rate has risen to 8%, and jobs will trump any foreclosure avoidance programs the government or private industry can create.

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