Extra Extra Read All About It!  Check out the article in todays Daily News about southland home prices heading south.  According to the article the price of a Southern California home plunged a record 27 percent in May from a year ago as foreclosures continued to hammer the market and sales hit a 20-year low.  It also goes on to say that in May, 42 percent of homes sold for less than their prior sale price - about 34 percent less, on average
most of the prior sales occurred between early 2004 and mid-2006.  This article is just another reminder to all of those home seller's out there that think their home is worth what it was worth a couple of years ago.  Like I say to my clients ALL THE TIME...the value of your home is not what you put into it, or what you need to get out of it, or what your neighbor's home sold for a year ago.  The true market value of your home is what a buyer is will to pay based on today's market and available financing.