[JavaBrewer]

Nice looking house but also a potential money pit on repairs. Please don't go under contract w/o a professional PPI. I don't know about your area but I think the time to buy RE in Cali is somewhere around early '09 - depending on interest rates. If you find a distress sale (like this house) then you might be able to swing a '09 price today.

I'm not sure what to make of my current market. My neighbor just bought a house that went to bank auction. It's the exact model and style he currently lives in but the newer one has larger view lot. He moved in and is selling his previous home (remember same floorplan/model) for $240K over what he paid for the auction home... Around the corner the same floorplan/model home with lots of upgrades, pool, huge lot but no views, is selling for another $375K over that. I don't see how folks are coming up with the prices. Homes really stalled here for most of 2007 and I expect the same for '08 and '09. If interest rates go North then more pain to follow. That said I'm surprised at how many homes are still moving in this area.