You just gotta love the spin that the RE bulls put in to this article from the LA Times; the SoCal markets are slowing big time yet it's all good news! This article raises so many red flags it's not even funny:
Red flag: "Southern California home prices hit new highs in July for the sixth consecutive month, even as pockets of slowing became more evident in certain parts of the region."
Red flag: "...the rate of appreciation has been essentially flat since the spring."
Red flag: " At the same time, the pace of sales continues to slow."
Red flag: ""Prices there are crossing the threshold at a much slower pace, but they're still crossing,...""
Red flag: " The Inland Empire also has started to see its torrid pace of price increases start to lose some steam."
Red flag: ""These things go in incremental baby steps and this is what you would expect to see in a normal real estate cycle,...""