February 4, 2009 5:21 AM

Mortgage limits hit luxury home market hard in California

California saw a 42.5 percent drop in home sales at $1 million or above last year, according to a report Tuesday by market researcher MDA DataQuick. A total of 24,436 homes sold in California last year for $1 million or more, DataQuick said. That was the lowest since 2003.

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