How is the current real estate market in California?

If one is a buyer, it's about as good as it can get. The crash of the sub-prime mortgage market has left a lot of lenders holding the bag as borrowers default on loan after loan and the lender has to take possession of the house. The probability is that things will get a bit worse before they get better, too. That means if one begins looking now, one should see some very good values in real estate get even better. Those who are just trying to sell their houses to move or, worse, who have moved and are now trying to sell their old homes, are finding that no one will even come and look at the properties, even if they've pared down the asking price a couple of times. It's a mess. But in the midst of difficulty one can find opportunity. Or so it is said.