How far down?

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First American CoreLogic’s home price index is out today, showing L.A. County home prices down 16% in May from a year earlier. This is a good chance to review where we stand according to different measures.

The First American CoreLogic index is based on repeat sales of single-family houses, like the Case-Shiller index. Case-Shiller, however, weights the home sales by price, which tends to result in larger percentage changes in the index when more expensive homes change hands.

Case-Shiller’s April index (the most recent) for the Los Angeles area, which includes Orange County, was down 21% from a year earlier.

MDA DataQuick’s median Los Angeles County home sale price in June was down 23%, to $320,000, from $425,000 in June 2008. The median sales price has been rising, but that’s because of the change in the sales mix -- more houses at the higher end of the market are selling as prices fall.

So although there is some variation in degree, all three measures continue to show double-digit price declines.

Earlier this month, First American CoreLogic released other data that suggest the housing market correction has a long way to go. Just under 10% of Los Angeles-area mortgage holders are in default, the company reported. It will take awhile for many of those in default to eventually get foreclosed, and those properties will have to be sold again. That will add to the already huge supply of discounted, foreclosed homes for sale.

-- Peter Y. Hong