Screenshot (291)
Also, maps of the day:

Screen Shot 2013-04-04 at 2.02.28 AM

Thus, this table of the day:

High Supply, High Demand (Nevada, Arizona, Florida, Delaware, small parts of California) Low Supply, High Demand (Massachusetts, most, but not all, of California)
High Supply, Low Demand (Utah, Colorado, Texas) Low Supply, Low Demand (Mississippi, Indiana)

Vermont leans toward Low Supply, High Demand. Indiana’s low demand problem seems to have become even worse after the Great Recession. Its home prices were always extraordinarily restrained, both before and after the crash. Its housing construction bust was dramatic, and it didn’t have much of a construction boom. It was just an open-access rust belt place suffering from the effects of globalization. Most of California was a closed-access New Economy place suffering from the effects of underdevelopment where it was needed. Overdevelopment where it eventually wasn’t needed did occur in small places with disproportionate shifts in house prices during the mid-2000s housing boom, like San Bernardino. As Kevin Erdmann says, except for areas such as this, the bizarre period of the U.S. housing market wasn’t between 2001 and 2006, but between 2006 and 2009. Just look at the High Supply, Low Demand areas. Why did demand crash there for no reason?