This is by far the most encouraging article I have seen in months. Finally, someone took the time to look at the affordability of a market, not just median values, which have fallen everywhere. Birmingham ranks 3rd in the US for most affordable housing. The index takes into consideration two major factors that most analyst miss: property taxes and personal income. Here is a link to the story.

I hope the local media will pick up on this story and promote the city. This should be included in every real estate agents newcomer guide and promo material.

The article also shows how out of whack the housing market is in California. I think the housing bubble will be bursting there for another year or two. You can look for mortgage lenders and MI companies to adversely select these markets even more so that they do today.