FWIW

I have spoken recently with a couple of real estate brokers that I trust (i.e., those who tell me when the market is bad). In the western San Garbriel Valley, stuff in the 500K range is selling very quickly--often receiving multiple offers within a week of listing. They are not distressed sales, either.

I still worry about shadow inventory of REOs that have not yet been placed on the market. But it is hard to ignore the change in activity over the past four or five months.