California’s red hot housing market is showing some early signs of cooling. The reason for that is both good and bad news for would-be homebuyers.Reporter: Erin Baldassari, KQEDIn Los Angeles County, in the city of Inglewood, an elementary school is facing permanent closure this summer. Locals have started a petition to stop the closure, but the school district says low enrollment makes it too expensive to keep open.Reporter: Megan Jamerson, KCRWOfficials from the Biden Administration are sounding the alarm about global shortages of semiconductor chips. They're urging Congress to fast track a bill with incentives for companies to expand domestic chip production in places like Silicon Valley.Reporter: Scott Shafer, KQEDAlmonds are harvested every year in August. But this year, many growers and processors in California are still holding onto last year’s product.Reporter: Kerry Klein, Valley Public Radio Learn more about your ad choices. Visit megaphone.fm/adchoices