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Neither jobs nor rich people are fleeing California—but the middle class and the poor are. The exodus slowed down during the recession, but now that home prices are rising again, more people will leave the state.
A recovering housing market buoys forecasters' projections, but lot and labor shortages could short circuit growth.
Down payments and employment uncertainty are still curtailing home purchases.
Phoenix, Las Vegas, and San Jose post largest year-over-year price gains in December. Las Vegas and Seattle are 2012’s biggest turnaround markets.