California faces housing crisis: "No one is buying homes"

After four consecutive months of year-over-year inventory increases, California is now solidly a buyer's market, which means the supply of homes is greater than the demand for properties in the state. That is happening in part because, as real estate analyst Nick Gerli put it, "no one is buying homes in California." Home sales in the Golden State are hovering just below the lows of the Great Recession, according to a recent report by Realtor.com, as sky-high prices and elevated mortgage rates keep buyers on the sidelines of the market.