Some housing bubble reports from California. "The foreshadowed bubble burst of the real estate market could soon be a reality with home sales dipping to their lowest level in 2 1/2 years nationwide. 'The days of just putting a sign on the lawn and selling a house and getting four offers in two days for $10,000 over asking price are gone,' said local seller, Don Weagle."

"Realtor Diane White in Bakersfield said, 'Sellers have in their head last year’s prices, and sellers really have to get last year out.' She adds, 'They really have to sell their home, today.'"

The Fresno Bee. "Existing home sales in Fresno County continued their downward slide in July, tumbling33.5% from a year previously. Values also were under pressure, with the median price of an existing house falling 5% to $297,840 from June. Competition among sellers is fierce in the Fresno area, so families wanting to move have to be realistic about pricing, agents say."

"Sacramento-area home prices dipped lower last month, and sales tumbled by almost 45 percent from a year ago, according to a report. The region's median home price dropped 2.4 percent to $378,590 in July, compared to the same month a year ago. West Sacramento had the area's largest one-year drop at 16.5 percent, while home prices in Lincoln and Rocklin fell 13.8 percent and 12.5, respectively."

"Santa Barbara County, from Santa Barbara to Santa Maria, had the largest one-year drop in home prices of about 17 percent."

"Local foreclosure rates are skyrocketing as the real estate market continues to cool, and hundreds of Northern California families are suddenly seeing their homes going on the auction block."

"At the Sacramento County Courthouse, it used to be that foreclosure auctions happened once a week. Now, several times a day homeowners are seeing their American dream turn into a nightmare. In Sacramento County during the second quarter of this year, the number of homes going into foreclosure stood at 1,866. That compares to 857 forclosures for the same time last year, an increase of 118 percent."

"Mortgage experts said former owners are often in denial until someone shows up ordering them to move. So, does this mean the housing bubble has burst?"

The Ventura County Star. "Home inspector George Blair doesn't need numbers to know that home sales have slowed. He sees it in his own business. 'There are way fewer people looking for home inspectors now,' he said. 'It's the slowest it's ever been for this extended period of time.' 'Everybody is unbelievably slow right now,' he said. 'Houses are sitting on the market a really, really long time.'"

The LA Daily News. "The median price of a home sold last month in the San Fernando Valley was just 1.2 percent more than in July 2005, and 2.9 percent, or $18,000, lower than in the month before. Only 809 homes were sold this July, the fewest for that month since 1993, amid the last housing downturn."

"'Coming off of several years of very strong sellers' markets, this looks shocking. And it is a dramatic turnaround, no doubt about it,' said Steve White, president of the Southland Regional Association of Realtors."

The Pasadena Star News. "Los Angeles County home sales fell more than 25 percent last month compared with a year ago. 'I think we're seeing roughly the same amount of buyers that were out there before but about twice as much inventory,' said James Joseph, (broker) in Whittier. 'Buyers have more to choose from and are taking longer to make up their minds. That's what's causing the decline in sales.'"

"Joseph's advice to would-be sellers was simple. 'Call your Realtor and adjust your price so your house is the best deal in the area,' he said. 'If you don't want to do that, do everyone a favor and take your property off the market. Unless you are a socialist, you believe in the market..and you have to be a realist.'"