Foreclosures drive prices down

Foreclosures continued to pummel the San Fernando Valley housing market in January, driving down the median price to $352,000, its lowest level in nearly six years, according to two reports released Tuesday.Gregory J. Wilcox in the Daily News.

The January figure is down 33 percent from the $525,000 median recorded just a year earlier for a previously owned house from Glendale to Calabasas, according to the San Fernando Valley Economic Research Center at California State University, Northridge.

And it's 47 percent under the record $660,000 reached in May 2007.