Appraised Values Drop

The appraised value of homes in Los Angeles County and the northern part of Orange County has dropped nearly 1.5% over the past six months, while values in Ventura County have plunged an even steeper 3.2%, according to a report by a nonprofit research group.

The latest report by the Real Estate Research Council of Southern California also shows that prices over the last six months have basically remained unchanged in San Bernardino, San Diego, Santa Barbara and Riverside counties.

The sharpest drop in Southland home prices was recorded in the Simi/Conejo Valley area, where values went down 6.2% from April to October. Another steep drop was posted in the Palmdale/Lancaster area, with values down 3.9% in the same period.