Signs of distress are piling up in the California housing market, where prices are falling at three times the national rate of decline.

--Statewide, median sales prices fell by a stunning 26% from year-ago levels in February, with home prices dropping at a rate of nearly $3,000 a week, the California Association of Realtors reports.

"It's bad. It's really bad," market analyst Nima Nattagh told the Daily News.

The California Association of Realtors  reports median prices fell 27.2% from year-ago levels in the hard-hit Inland Empire east of Los Angeles, 30.9% in Sacramento, and 39.1% in Santa Barbara County.

On a percentage basis, the California price meltdown is more than three times as severe as the national decline of 8.2% in median prices reported this week by the National Association of Realtors. On an absolute basis, the California meltdown is even more severe: Nationally, prices fell over the past year at a rate of $338 per week; in California, prices fell at a rate of $2,788 per week.

While that may make you feel like the bug, the other side is you don't have to be the windshield.

With real estate financing at some of the lowest rates in years, and prices hitting new lows, it's a grand time to step up to the plate for a sure fire home run. It doesn't take much thought to see the good side of moving on up.

The main thing to do is to get pre-qualified and set up with a knowledgable agent. That way your ready to go as deals present themselves. And if you have credit issues or high debts you have the time to clear them up prior to submitting an application.

For credit issues there is this reminder: lending is more strick than at any time in the recent past. You can't have a sloppy pay record following you to the finish line. And the best time to make sure there isn't a problem is before there is.

For credit advice or clean up call Rate Is Low for immediate help. Remember, credit not only affects what you can do but the rates you do it at. And the difference in good or bad rates will mean thousands of dollars in your pocket or in the pocket of your friendly lender.

Down the road people will look back on '08 and wonder why they didn't take advantage of this opportunity. Hope you don't miss out.

for questions contact Ray

ray@rateislow.com