One of the interesting things in California about the current boom is that the real estate agents are not coming back. We have nearly half the number we did in the peak only a few years ago. What gives? Part of it has to do with sales volume. Although sales at 430,000 for 2012 seem like a lot, this pales to the near 800,000 we had in California back in 2005. Which also speaks to what is going on with the Fed and the artificial market. People forget that for the last few years, nearly 1 out of 3 home sales is going to investors

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