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John Burns Real Estate Consulting gives all of the housing markets in the country report card style grades to give the industry a sense of how conditions are improving or deteriorating across the board. His latest grade for Affordability is a surprising C—until The Real Story heard that the C is comprised of an A for entry level buyers—great affordability—and an F for existing buyers, because they have no equity in the homes they have purchased in the last five to six years.

If John Burns were rating California markets today, he would give Sacramento high marks—it’s affordable, attractive, has culture, good transportation links and good ties to the Bay Area. The Bay Area and most of Coastal California are making a good recovery, and the Silicon Valley has almost no new housing. Above all, he credits the Irvine Ranch with providing great amenities, employers, schools as well as attractive housing stock—all adding up to a strong recovery in that micro market.