Los Angeles Home Price Edge Up

The Los Angeles Times reports: "The price is still 45.5% below the 2007 peak and 16.7% lower than a year earlier. Sales are limited because fewer foreclosed homes are on the market."

Here are a bunch of numbers: $275,000. That's the median price of a home selling in Southern California in August. That is up 2.6% from July.

How about the number of home sales? That is down. There were fewer foreclosed homes coming on the market.

In August, foreclosures accounted for nearly 40% of homes sold. In February, that number was 56.7%.

Banks have thousands of foreclosed homes they have not yet put on the market.

The peak median home price was $505,000 in 2007.

The typical monthly mortgage payment for a Southern California buyer in August, including principal and interest, was $1,207, up from $1,184 in July. The August figure is 55.4% below the July 2007 peak level, DataQuick said.