The Orange County Register has this update from California. "A proposal to build a 573-unit development overlooking the freeway has been withdrawn because of rising construction costs and pressure from the city, the developer said. Shea Homes had proposed four buildings, including a 24-story residential tower, for an 8-acre lot overlooking the Santa Ana Freeway on Fourth Street."

"But Shea withdrew its project because of rising construction costs, said Brian Riggs, Shea's urban community development manager. Riggs also said Shea was under pressure to build higher than the company had wanted."

From the Southland realtors. "A total of 919 single-family homes changed owners during June, down 25.9 percent from a the total of 1,240 reported in June 2005. Similarly, condominium sales fell 30.1 percent to 316 transactions compared to the 452 sales reported 12 months earlier."

"What's happening is a bit of payback time, said Jim Link, the Association's executive vice president. For the past four years sellers controlled sales and dictated terms, often forcing buyers to decide on the spot. At long last, buyers again have some options. Most sellers, if they heed wise counsel from a Realtor, have already adjusted their list price to the new market conditions."

"Inventory has grown from virtually zero listings of last year, the number of homes listed for sale bolsters the notion that the market has hit a point of balance between buyers and sellers. The inventory of active listings increased to 6,376 during June. That was up 161.8 percent from year ago levels."

The Union Tribune. "A class-action lawsuit filed this week claims that nearly 400 buyers of converted condos at a huge La Jolla Village complex were defrauded by the developer, which advertised the units as larger than they actually are. Attorneys representing home buyers at the widely advertised Villa Vicenza development are seeking refunds for the owners."

"Potential losses to buyers of the one-and two-bedroom condos range from $18,000 to roughly $92,000, estimates Patrick Catalano, one of two lawyers representing the homeowners. 'People who bought were looking to sell these in a couple years with appreciation, and now they have to represent to buyers a lower square footage, and they'll get a loss in appreciation for their units,' Catalano said."

"Sales at Villa Vicenza, which was built as a rental complex in 1987 before being converted to condos a year ago, are winding down. A second phase of 267 units is remaining as a rental complex for the immediate future, although plans could change, said officials."

"Brian Duchman, a regional manager for Crescent Heights, said late yesterday that square footage of units, in general, can vary widely, depending on how the measurements are made. That doesn't mollify Angeli Parane, who said she's worried she'll lose money on the one-bedroom condo she purchased in September."

"She paid $343,000 for the fourth-floor, upgraded condo, which she is now renting out. 'I'm trying to make this an investment, and now when I sell it later, I'll have to sell it at a lower price,' said Parane. 'I feel like I'm being defrauded.'"