1 in 13 Homes in California

Interesting statistic in BusinessWeek Feb 6, 2006 edition on real estate in California during 2005. The stat is 1 in 13 Homes in California sold for over one million during 2005. It is also interesting to note that California has some of the most over priced areas in the nation, by some numbers homes are valued at 45% more than they are actually worth. If the bubble ever bursts in California, as anywhere, it could get interesting.