Our thesis about California coming back continues to come together nicely, with new pieces of the puzzle sliding in each day. Yesterday we mentioned retail sales.
Now here’s another datapoint
According to Zillow, nearly all of the “sellers’ markets” are in California housing.
That they conclude by looking at home prices compared to the initial asking price, and as you can see, subprimeville-ground-zero California leads the way. Only one of the top cities is not in California, and that’s in Vegas.
The second chart is the one of buyer’s markets, and you can see, it’s entirely away from California — midestern and eastern states that were once immune from the crash.
(One last note: these charts are looking at things from a buyer’s perspective, so negative numbers actually indicate sales ABOVE the asking price)
And the buyer’s markets: