A pair of reports from California. "The listing on the studio apartment at 617 Cedar Ave. boasts: 'This is the lowest priced unit in ALL of Long Beach!' One would expect to find no properties for sale under $300,000 in Long Beach, where the median price is $485,500."

"In fact, there are nine properties for sale in Long Beach for under $150,000. And if you are looking for properties for under $200,000, you'll find nearly 20 for sale. 'A year ago you probably would have found half that many properties listed for under $300,000,' said (realtor) Dennis Berry in Los Alamitos."

"Berry said he's beginning to receive more phone calls from people looking to buy and sell foreclosures and fixer-uppers."

"Berry said that there may be more foreclosure activity ahead as interest rates rise and those with adjustable rate mortgages see their payments kicked up after an initial five-year period of paying a fixed rate. '2008 is when you're going to start seeing stuff,' Berry said."

From Realty Times. "In San Diego some areas are still doing well and some other parts of the country are stabilizing. 'The slowdown is not uniform throughout [San Diego] County,' says Alan Nevin, director of economic research for Marketpointe Realty Advisors."

"'Resale [properties] are off 15, maybe 20 percent. It's really a matter of there being too many listings right now, but the listings will decline over the next three to four months as people take their homes off the market,' says Nevin."

"He claims it is a very dependable pattern that is about to set in. 'What happens is that you get a whole bunch of people who think their homes are worth gold and they put them up for sale for high prices and then they sit for months and months,' explains Nevin."

"He adds that many of these hopeful sellers were really just trying to test the waters. 'They didn't really want to sell anyhow. So they pull them off the market and then the market gets back into equilibrium and that's what's happening right now,' he says."

"You've likely heard the buzz words 'it's a market correction' that we're experiencing, and we all know that being corrected is often a hard pill to swallow. So take a big gulp and understand that if you're putting your home up for sale you're likely not going to get the incredibly high market prices seen in recent years."