Confessions

The Marin Real Estate Bubble blog declares it 'Confess the Truth Week' and has a great summary of the recent bearish comments by the housing industry.

Elsewhere in the bubblesphere, the Bubble Markets Inventory Tracking blog is running a great series of posts called 'City in Focus,' which includes some local cities like Stockton and Elk Grove. Here's a snippet from the Elk Grove post:

I do believe we have a new champ in the "% reduced listings" in the cities profiled in the "City in Focus" series. Sacramento is running neck to neck with San Diego down this real estate downturn, registering its first year to year negative median price in June, much like San Diego. But it looks as if the slope may be a bit steeper for Elk Grove compared to its counterparts in the suburbs of San Diego.

Population 2006: 130,000
Listing per population ratio 1:85
7/25: 1,525 listings
7/25: 706 (46.3%) reduced listings