Another undervalued component besides Radian is Standard Pacific Corp(SPF). They are a homebuilder in So. California. The inventory of homes available for sale in the So. California area is so low that home prices rose 23% in California over a year's period ending in November.
Welcome to my state...I'm seeing this first hand, everyday. In many high end res. markets, there was no seasonal slow down during the Nov-Dec holidays. Res. R.E. is on a rip and tear in the Golden State...Ex