There are still a lot of skeptical people when it comes to the housing recovery - everytime a postive article is written - 95 % of the feedback/comments are very negative - everyone seems to think there is a "huge shadow" inventory - and are headed into the tank.
Prices have moved up(less underwater mortgages) interest rates are way down in the past 18 months (greater affordability) and people are getting tired of limited existing home inventory - it is either overpriced, too competitive (with many Investors) or it is a long drawn out short sale process.
People are now turning to New construction. Which has zero inventory too - and has been under building for almost 5 years. This will be a multi-year recovery - it will be bumpy - but the trend is UP.
The California Economy is bigger than Greece and Spain combined ! It has turned up - it was one of the first markets to crack (think the Inland Empire) but Now, one of the first to recover!
SPF had tremendous leverage to the recovery in the South West.