California Home Prices Down 10 Percent In May

   LOS ANGELES (AP) -- California's median home price fell more than 10 percent last month to $249,000 from $278,000 in May 2010, the state's sharpest year-over-year drop in nearly two years.

   San Diego-based DataQuick said Wednesday that the share of sales involving distressed properties and other lower-priced homes was helping pull the median down.

   The median in the state was unchanged from April.

   Home sales dropped more than 13 percent from nearly 41,000 in May 2010 to about 35,500 last month.

   Sales were up about 1 percent from around 35,200 April.

   Foreclosures accounted for some 36 percent of last month's sales.

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