Some housing bubble updates from California. "Oroville realtors say house sales dropped during the first quarter of the year. Gordon Andoe, broker and appraiser, gathered statistics from a data base for the area including Thermalito, Las Plumas, Oroville, Kelly Ridge, Palermo and the east foothills. In 2005, 210 single-family homes sold in the price range of $200,000 and $375,000."

"In comparison, from January 1 to March 31, 2006, 31 homes sold in the same area and price range. That would be the equivalent of 124 homes if sales remained the same throughout the year, which reflects a considerable slowing in home sales."

"Last year, out-of-town investors were buying up rental property in the Oroville area, which drove up the cost of housing, he said. Talking to other realtors, Andoe said he has surmised the housing market is the same in Chico, Gridley, Paradise and surrounding areas."

"(Broker) Cindy Peebles speculated the cause for slow down could be over-priced houses. She expects some houses that have been listed at too high will drop in price."

The Desert Sun. "Coachella Valley home prices, sales counts and appreciation rates continued their recent flattening-out patterns in March. The median selling price of $400,000 remained historically high for the region, but was down from the all-time high of $418,500 set the previous month."

"'The market is turning in favor of buyers,' said Greg Berkemer, VP of the California Desert Association of Realtors. 'It just means it's getting more important for sellers to set their prices right.'"

"For now, however, there are few signs that buyers are biting at current prices. According to the desert Realtors' group, there are currently 7,467 unsold properties on the valley market, more than twice the number seen a year ago and more than five times the level of April 2004."

"The situation is frustrating for homes sellers like Joe and Linda White. They've been trying to sell their 2-year-old La Quinta home for the last six months, and have had to drop the asking price three times, and are probably looking at another 25 to 30 percent price cut in the coming weeks."

"Berkemer and White both noted that the current inventory glut can be attributed in part to non-resident investors, some of them quick-sell 'flippers,' now looking to sell off properties they purchased in the past year. And like the Whites, many sellers are competing against newly built homes coming on the market in their own subdivisions."

The Tracy Press. "Tracy’s slowing real estate market is far better for buyers than for sellers. First quarter home sales slowed from 442 in 2005 to 319 in 2006, and local real estate agents report a seven-month backlog of homes for sale."

"'For every two homes coming on to the market, only one is going off,' (agent) Donna Baker said. In the 10 days before Monday, 72 homes came on the market in inner-city Tracy, while 41 were sold. 'If they don’t have to sell, they shouldn’t be selling.'"

"Educated buyers are forcing sellers to list their homes at realistic prices. 'A year or two ago, if a neighbor’s identical home sold for $500,000, you could have listed yours for $525,000 or $550,000,' said real estate agent Karl Enzmann. 'Now, if you put it on (the market) more than two to three percent higher, you’re going to be living in a ghost town. Nobody’s going to be looking at it.'"