Talk about a discount

Peter Viles at L.A. Land comes across a near-steal in Glassell Park. It has three bedrooms, one bath and sits on a 2,500-square-foot lot. The house was bought a little over a year ago for $510,000 (poor soul). Since then, the property has been foreclosed. Current price: $279,900. That's a 45.1 percent "discount" from only 15 months ago - proof positive of how bad the real estate market has become. Then again, the price tumble may better reflect how nutty the numbers had become by early 2007. Did I mention that it's a 978-square-foot house? By the way, Viles notes that the Zillow price estimate on the house is $420,000, which makes a lot more sense than $510,000 or $279,900.