Has The Real Estate Bubble Burst?

CBS TV reports:

Has the bubble burst? The California Association Of Realtors says that while prices are up more than 14% from last year, the number of houses sold has dropped 14%. Some realtors claim the market is dead in the water.

Imagine driving 70 miles-per-hour and slamming on your brakes. That's how Brent Beebe sees the real estate market.

"We're in a skid right now", he says.

Beebe owns Help-U-Sell in West Sacramento. He doesn't think the bubble has burst completely but he says there is a "slow leak".

Beebe says Sacramento is just not the bargain it used to be. He "moused" around on his computer, and gave CBS 13 the number of West Sacramento homes currently on the market - 238. He says that is 4 times as many as last year. Another point - in October of last year it took an average of 16 days to sell a property, this year - an average of 36 days.

Will California lead the way?