Southern California had real estate sales go up dramatically in December. Before you get too excited about it, over 50% was on foreclosure sales and the higher activity was in the areas with the most foreclosures. And I have read some articles indicating that there is some speculation here and some people buying rental properties.
Let's talk about rental properties. I am certain that this is geographically sensitive, so do not take this generalization as applicable in any particular area, but from what I have read, rents are down overall. This seems counter intuitive to me as people are losing their homes left and right, but I have read this in multiple places, so if you are buying to rent, be sure to check out the local market for rentals and know what you are doing.
http://www.calculatedriskblog.com/2009/01/apartment-market-weakens-further.html
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