Industry News

Golden State real estate loses luster

Part 4: Home sales, prices soften in California and rest of West

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Editor's note: Though experts are divided over what the next 90 days may bring for the housing market as a whole, they all agree on one point: Each region of the nation has its own unique set of circumstances, and how those factors shape the attitudes of home buyers and sellers over the next several weeks will also help to decide how local home sales and prices will fare through the rest of this year and beyond. This four-part series looks at regional trends that are emerging as the peak spring home-buying season gets under way. (See Part 1, Part 2 and Part 3.) For months, Los Angeles-based aerospace consultant Doug Roberts has stewed over a real estate deal that went sour last November. It was bad enough that the seller first accepted but then rejected his full-price offer of $699,000 for the modest three-bedroom house near the airport, Roberts says, but even worse that the busy Realtor he was working with took three weeks to call him back to break the bad news. "I was in limbo for a...