My first reaction to this was that California is leading the way across the nation, which isn't surprising since we've had a head start since February of last year. I anticipate the rest of the nation to follow suit. However, there is a unique demographic in the Bay Area of high tech employees with extra equity to purchase homes. The most surprising on this list is Sacramento, Phoenix and Fresno. During the last boom, many investors flocked to these areas, and in the downturn they retreated. I hope we aren't repeating history here.
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