The Bakersfield Californian has a report on that housing bubble. "The clouds may be breaking over Bakersfield's gloomy winter real estate market, though the number of home sales has tumbled in recent months. About 1,380 existing houses were sold in the first three months of 2006, a 13.2 percent drop from last quarter."

"The decline was even larger when compared to the same time last year, showing a 24.7 percent drop. The dip in sales mirrors what's been happening throughout the state and country, local appraiser Gary Crabtree said. 'It wasn't like Bakersfield was the Lone Ranger,' he said."

"Bakersfield's median house price also took a hit during the winter months, dropping by about 6 percent, Crabtree said."

"But new signs of growth this spring have local real estate agents hopeful. February and March brought modest home price increases. Not everyone's convinced, however, that Bakersfield's current prices are here to stay. The plunge in sales and rise in the number of homes on the market should be driving prices down, said broker Robin Ablin."

"People just haven't been calling, Ablin said. He recently had to reduce the asking price of a well-kept house in east Bakersfield's Hillcrest neighborhood by roughly $15,000 because only four people had looked at it since September."

"Bakersfield's market was long undervalued, and houses have reached a price where they should be, said agent Alice Profeta. '(Buyers) might as well go out there and buy now while we have a decent interest rate,' she said."

"An agent from Florida recently told Profeta, 'It took longer to sell a house than it does to have a baby,' she said. Compared to that, Bakersfield's still in good shape."