California Leading The RecoveryBlog, Market Updates, Real Estate News, Real Estate Tips
Major California markets have cut inventory dramatically, reduced REOs and now are witnessing growing demand and improving prices. The state that gave America Alt-A loans, Countrywide, the first tidal wave of foreclosures, the highest prices during the boom and the fastest fall during the bust now is leading the nation out of the six-year housing depression. In the second quarter, California replaced Florida as the state dominating Realtor.com’s quarterly list of top turnaround towns. In the first quarter of 2012, seven Florida markets and one California market made the top 10 positions in the Realtor.com ranking. Just one market in Florida and six in California now dominate the first 10 positions. The California Association of Realtors reports prices continued to improve, with the median home price posting both month-over-month and year-over-year gains for the fourth consecutive month in June.