More high end properties sitting in CA

Many of the bulls on the board like to point to the pick up nationally in home sales as evidence we are approaching a bottom. Meanwhile others say that the below $1M market will suffer much worse than the luxury market. Two interesting stories from California: 1. CA home sales were up 83 percent year over year in Feb with prices down 41%. ... [more]

Many of the bulls on the board like to point to the pick up nationally in home sales as evidence we are approaching a bottom. Meanwhile others say that the below $1M market will suffer much worse than the luxury market. Two interesting stories from California: 1. CA home sales were up 83 percent year over year in Feb with prices down 41%. http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2009/03/23/daily63.html?surround=lfn 2. In the Bay Area, inventories in March dropped year over year in the under $1M but rose significantly in the over $1M. http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/05/17/MNKV17K2OV.DTL [less]