Here’s an on-the-ground housing indicator I took while getting gas in Mill Valley, CA last week. These signs are prevalent all Bay Area counties surrounding San Francisco. Fix-and-resell types mostly focusing on foreclosures right now, which supports the current Existing Home Sales trend of high investor concentration:

All-cash sales accounted for 31 percent of purchases in December, up from 28 percent in November and 29 percent in December 2010. Investors account for the bulk of cash transactions. Investors purchased 21 percent of homes in December, up from 19 percent in November and 20 percent in December 2010.