Rising mortgage rates are sending home prices lower

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For the first time in a decade, home prices in Southern California are definitively falling.

After 10 years of largely uninterrupted gains, home values have turned negative, the result of rising mortgage rates that have squashed demand and caused sales to plummet.

The typical Southern California home price is now nearly 6% below the all-time high reached in May, according to data released Wednesday by Zillow.

In September, the typical home price for the six-county region dropped 0.6% from August to $817,316, marking the fourth consecutive month that prices declined from the prior month. That hasn’t happened since early 2012.

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