House prices stage surprise rise - 2005-01-07
House prices unexpectedly climbed in December after two straight months of declines, defying widespread expectations of another tumble amid other evidence of a rapidly-cooling market.

Indeed, mortgage approvals -- loans agreed but not yet made -- which are commonly viewed as a good leading indicator of house prices, dropped more than 40 percent in November on a year earlier to their lowest level in nearly a decade.
Read the full story at Reuters.co.uk

Housing squeeze hits area - 2005-01-07
The sales pace for new homes in the capital region abated in the second half of 2004 as prices surged to new highs, apparently because builders couldn't get enough ready-to-build land to meet demand.

The year saw surprisingly good sales of new homes in the first half, surpassing the first half of 2003 by 35 percent. Buyers rushed to lock in low mortgage rates last spring in the wake of a rate spike, and investor activity was reportedly running high.
Read the full story at The Sacramento Bee