With all of the dire news touting the demise of the real estate market it's important to take a look at what's really going on locally in the South Bay, and more importantly, figure out what it means to you.  We are definitely seeing a slowdown in the market in most areas, although the Beach Cities of Hermosa Beach, Manhattan Beach and Redondo Beach seem to be continuing to hold their values very well.  Many buyers are waiting for the "bottom" of the market, but it's important to keep in mind that  most people can't time the market, and either buy on the way down, or the way back up.  So what does this mean to you?  It means that with falling prices and increasing inventory there are tremendous deals to be found out there in the current market.  The other advantage is that unlike years past, you have the luxury of doing your investigations without the competivive frenzy of multiple offers, being forced to make immediate decisions, and the lack of time to really stop and think about what you're doing.  Start looking now, contact a lender to get pre-qualified, and be ready to act if you see something out there priced below market.  That way you're somewhat protected regardless of what the market does for the next year or so.