As median price falls below $300,000, some question whether mortgage plan can help

2009 February 19

February 19 2009 - As President Barack Obama unveiled his plan to stem the tide of foreclosures, new figures showed distressed properties continuing to drag down San Diego’s housing market.

MDA DataQuick reported yesterday that the county’s median home price fell below $300,000 last month for the first time in seven years – depressed by low-priced sales of foreclosed homes.

The January median of $280,000 was down 6.7 percent from December, the biggest one-month percentage drop of the current slump. While sales volume was up 34.7 percent from a year earlier, a record 55 percent of resales were homes that had gone through foreclosure in 2008.

“I think for a lot of buyers in inland areas, this has become a bargain bonanza,” DataQuick analyst Andrew LePage said.

As median price falls below $300,000, some question whether plan can help

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