Housing numbers looking bad

The July numbers show another plunge in home sales - down 15 percent from January, which is typically a slow month. But perhaps more striking was that the median price of an L.A. County existing home fell to $550,000 from $555,000 in June. And prices are only up 6.8 percent from a year ago. Up to now, homeowners who were nervous about the sharp decline in sales took solace in steady price increases. But they can't even count on that anymore. The Los Angeles Business Journal reports on the numbers in next week's issue.