Valley News -

California has 12 percent of the nation’s population and 10 percent of the nation’s housing stock. Historically, California has led the nation in the cycles of real estate, both up and down, and California’s statewide trends are generally a harbinger of what can be expected nationwide. In 2005, it was the first to show signs of fissures in the housing market. In 2008, it was the first to take off with investor all-cash sales. It was also the first to experience the chronic lack of inventory that is now an impediment to sales throughout the country.

A tight supply issue has been linger...