California is a big state and Southern California is different from Northern California and the coasts are very different from the central valleys. In Sonoma County where I am the health of the market varies greatly by price point and type of property. There is a tremendous amount of buyer activity in the foreclosures and short sale properties with many multiple offer situations and properties selling over asking now that the banks are slashing prices on REO's. Many of us feel we have hit bottom here but are not sure how long we will bounce along there. Despite that, fully 50% of my sales involve multiple offers, whether choice country properties or modest fixer REO's. Go figure. I have more stats on my blog about our market in Northern California.