BUSINESS BRIEFING / REAL ESTATE

California home prices fell 41% last month from a year earlier, more than double the U.S. decline, as surging foreclosures drove down values, the California Assn. of Realtors said.

The median price for an existing, single-family detached home in California sank to $247,590 in February from $418,260 a year earlier, the group said.

The U.S. median price fell 16% during the same period, the second-biggest drop on record, according to the National Assn. of Realtors.