Housing situation in Sacramento - 7 houses on sale on 1 street

Since I live near Sacramento,ca; I take a lot of interest in the housing market here. I am currently renting since I find that much more economical than buying a $400,000 house. I almost bought a house last year, but backed out at the last minute. I could not justify paying $2500/month for a simple 1400sq ft 3bedroom 2 bath house. The housing market has been pretty insane here in this region. I knew that 20% price gains that these houses were experiencing could not continue for ever. Well, it turns out that I was right (along with other people who have been predicting the housing bubble for years now). There were a couple of articles that I read this weekend that really drive home this point. The Sacramento housing market is dead and I believe it is turning into a buyers market now. The first article comes to us from the Sacramento Bee. It talks about a street in the Mather Field area which has 7 houses for sale. 7 houses for sale on one half-mile stretch. These people who bought their houses for about $175k in 1999 are trying to cash out at $400k right now. I don’t blame them; I would cash out as well. But it just shows you what a tough time it is to sell right now. I guess that is good for us buyers. The second article was from CNN. It lists Sacramento as one of the 7 dead markets in terms of price gains. If you are a buyer, it is time to start hoarding up your savings. These 2 articles, along with the rising interest rates are definitely pointing to a slowing housing market.