Market Watch - "Hot real estate market gets chilly in Bakersfield" (9-5-06)

"Just 12 months ago, this sun-baked Southern California city was one of the hottest real-estate markets in the country. With inventories at razor-thin levels, properties would sell in a matter of days, sometimes even hours, as multiple bids poured in on each home. "For Sale" signs were almost nowhere to be found."

"Those days now are dust in Bakersfield's gusty winds. The housing stock nearly has quintupled and prices are virtually flat when compared to last year's levels. Home sale time-frames now are measured in months, not days."