The Contra Costa Times reports from California. "As the housing market slows down, many areas in the East Bay are showing a growing inventory of homes sitting on the market. Antioch's inventory would take more than a year to catch up, while Rossmoor has close to 10 months of sales sitting on the market, according to the Contra Costa Association of Realtors."

"The Contra Costa Association of Realtors also reported a 29 percent year-over-year drop in sales of attached, single-family homes, such as condos and townhomes, for October. The number of active listings also rose 76 percent, from 501 to 882 on the market, with the average price decreasing about 7 percent."

"The number of listings has dropped since then to October's 1,773 and is expected to drop a little further toward the end of the year. 'It's because most people don't want their home on the market during the holidays,' said real estate broker Rhene Montiel in Walnut Creek."

"'Some of (the listings) have been on the market a long time and the owners want to take a break,' Montiel said. 'And they're hoping that in January and February the prices will rise again.'"

Inside Bay Area. "It was going to help revitalize Centerville's historic district, boasting upscale retail shops and restaurants, and 110 town homes. But now Centerville Market Place is going back to the drawing board. Developer James Tong and city officials announced Wednesday they have agreed to scrap the project."

"'It's nobody's fault,' added City Manager Fred Diaz. 'It's just bad timing.' 'My understanding is that they have an alternative plan,' Vice Mayor Steve Cho added. 'It's a similar plan, but with no housing and all retail.'"

The San Francisco Chronicle. "As many as 30,000 condos are under construction, planned or proposed in San Francisco and about half of those units will probably wind up being built in the next five years, according to a consulting firm."

"With developers taking deposits of just 3 to 5 percent for many of the most expensive units in the city, some economists question whether buyers will go through with their purchases a year or more from now when it's time to close the deal."

"Economists say that the presale practice raises concerns because buyers have too little at stake. 'Such a small deposit is required that it makes it a very risky endeavor,' said Ken Rosen, at UC Berkeley. 'It's a very, very flimsy view of what's sold.'"

"Developers in other segments of the condo market are already offering incentives to compensate for the increased supply. Buildings such as the Beacon, the Lansing and the Palms are offering discounted mortgages in a bid to reel in new buyers."

"'They are offering those types of promotions because they are trying to hold the list price higher than it really should be,' said Berkeley's Rosen. 'That shows weakening of demand already. There's no way to know how much of the demand is real.'"

The North County Times. "Sales of apartment projects in North County and throughout San Diego County have fallen sharply this year over last, after condo-converting investors drove prices upward, according to a survey. The number of transactions fell for the seventh consecutive quarter."

"'Pricing for San Diego apartment properties became distorted as condominium converters paid unprecedented amounts in anticipation of profits from the sale of converted units,' said George Carlson, apartment specialist. Carlson said the downward trend is evidence of a correction that will be followed by significant decreases in selling prices."

The Record.net. "Commercial values have been holding steady in California based on income, Michael Yesk said...even as, separately, the single family housing market has gotten pounded. 'We're certainly not seeing dumping of buildings left and right like you do in single-family homes,' he said."

"The day before Thanksgiving, about 30 Stockton workers had no job, when Meek's Lumber & Hardware, did not open for business.

"Don Woxberg, general manager at San Joaquin Lumber Co., wasn't surprised, though. 'The lumber market right now is in turmoil," said Woxberg, who started in sales 35 years ago. After seven good years for lumber suppliers, he said, 'everything started going south in January. Prices are cheaper now than they were five years ago.'"

The Sacramento Bee. "An unrelenting housing slump that has driven down the region's home values and sent sales into a tailspin is expected to strike local governments next year, curbing the record growth rates in tax collections. From downtown Sacramento to rural Amador County, financial officials and county assessors say they're watching a gathering storm that's initially expected to blow into their budgets during the 2007-2008 fiscal year beginning July 1."

"'We will have perhaps the largest growth drop year to year we've seen in modern times,' said Geoff Davey, Sacramento County's chief financial officer."

"New and existing home sales in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties have fallen by 24,000 this year compared with last year. Now begins the down cycle that Sacramento County officials feared in June 2005 when the property tax bonanza helped solve their financial problems."

The Times Herald. "A higher percentage of homes in Solano County were in some stage of foreclosure in October than nearly anywhere else in California, new figures show. 'I know we've been waiting to see what was going to happen with some of the creative financing done over the past four years or so,' said Solano Association of Realtors President Sandy Vollmer."

"Sinking real estate values and rising variable mortgage loans have driven foreclosures sky high, with the number of Solano County homes sent default notices rising 171 percent in September. The combination of factors also leaves some people owing more on their home than their home is worth, experts said."

"'We're taking a hell of a hit, and no one's really sure why,' Vallejo Realtor Beth Brittenbach said."

"As scary as the real estate situation is for some recent homeowners, it's great news for potential buyers, Vollmer said. 'Some people may be waiting for a huge price drop before they buy, but we don't expect that. I think we're approaching the bottom of the price decline,' she said."

The Orange County Register. "O.C. housing got off to a slow start in November. Fresh stats from DataQuick hint that this will be the 13th straight month that total sales can't keep pace with the previous year's pace."

"Renters nationwide say they are most thankful for the maintenance-free lifestyle provided by landlords, a survey found. 'What is the number one reason you're thankful to be a renter?' 43.6% Maintenance-free living. 23.6% Less expensive than home ownership. 19.4% Flexibility/No long-term commitment."