Southern California median housing prices are down to $250,000 in February, which is 39% change from a year ago. This has left many homeowners upside down on their mortgage. The positive outcome to fall in house price is the increase in home sales. From a year ago home sales in Southern California have increased 41%.

In February pre-foreclosure filings sky rocketed, as 207,703 homeowners received notices. This is the highest month total since the foreclosure crisis began. Home foreclosures in Los Angeles County soared more than 60 percent in February after moderating for several months. The foreclosure rates continue to worsen as job loss increases.