Some housing bubble reports from California. "Orange County's skyward trend in new housing is getting another boost with the construction of two condominium towers in Santa Ana. Orange County condo tower development has so far been successful in part 'because they have attracted some speculative investors,' said economist G.U. Krueger Irvine. 'It remains to be seen if these buildings will be occupied by real living people.'"

"Despite a national study that concluded Chico homes are 'extremely overvalued,' members of the real estate industry here see a buyers' market. The high prices have plateaued, (realtor) Brewster Beattie said, and there is an increasing number of homes on the market. In May 2005, there were 163 homes up for sale in Chico. Now, there are 492."

"'I think right now the inventory is escalated because people are putting homes on the market too high,' he said. 'They're not selling. It has turned into a buyers' market.'"

"Carlee Shannon said the market in Orland is showing a similar trend. There are now more than 90 homes up for sale, whereas a year ago there were only 20 to 25. 'I think it's because our prices are too high. I believe it's softening and becoming a buyers' market,' Shannon said. 'There are so few buyers at this time and so many listings out there, so it influences the seller to be motivated. We're seeing price reductions.'"

"The standoff between thousands of Sacramento-area homeowners and buyers sharpened in May, as 1,800 new listings added to a mounting inventory of homes for sale in El Dorado, Placer, Sacramento and Yolo counties. The newest influx of 'for sale' signs contributed to a near-record pileup of 13,146 homes on the market at month's end."

"'What we have is a lack of inventory priced right,' added (broker) Michael Lyon. 'We have absolutely a ton of overpriced homes.'"

"As the 'for sale' signs pile up, buyers like John Daniels of Sacramento and Alison Munro of Vacaville are holding back, waiting for lower prices. They're key players in what experts now call a 'buyer's market.' 'We're probably going to wait longer than three months just to see,' said Daniels."

"Munro, a Fairfield teacher considering a move back to her Sacramento hometown, said, 'We are looking actively, but I'm kind of watching the prices come down. We're just waiting it out a little bit longer.'"

The Santo Cruz Sentinel. "Evidence of a cooling trend in the housing market is popping up at several street corners: large clusters of brightly colored 'for sale' signs. These real estate signs are staying up longer, and new ones are being planted next to them, creating what some people in the unincorporated parts of Mid-County call 'visual pollution.'"

"'It looks like all of Rio del Mar is for sale,' said county Supervisor Ellen Pirie."

"Some real estate agents say it's not so easy to eliminate the clutter. While the abundance of signs doesn't look good, they say the changing housing market demands aggressive tactics. 'You have to market the property and you have to work,' said (realtor) Gregorio Magana. 'It's the first time in 40 years that you have such a large inventory of product available.'"