LA Times: House Hunting?...

From this Sunday's LA times, an article about much of the current state of home-buying:

Real estate

Stefano Paltera / For The Times
Potential buyers visit a home in Eagle Rock. In desirable areas, bidding wars are common. “The biggest problem,” says real estate agent Phyllis Harb, “is that people are overreacting to housing statistics, thinking they can come in and make an offer 20% below price.”
The median price in Southern California may have plummeted, but in more desirable neighborhoods, home buyers are still engaging in bidding wars.

Choice Quote:

* Be cautious of self-serving terms like "buyer's market," because in truth there isn't one real estate market in a given metropolis; there are as many as there are neighborhoods, with unique flavors. As one agent said, "Any generalization about real estate is not true somewhere."

We've seen this in full effect; everything from gluts of property in Oxnard to sought-after duplexes in Camarillo. Definitely a good read.