Garrett Harris 10:11 p.m., May 23
Institutions not propelling SD home sales
But big buyers pushing L.A., Vegas, Phoenix, Sacramento sales
Here's good news for the San Diego economy. For the year ended December of 2012, large institutional buyers accounted for only 9% of county home sales, according to Radar Logic Research. By contrast Phoenix (19%), Las Vegas (19%), Sacramento (14%) and Los Angeles (17%) had heavy institutional buying during the period. San Jose was 5% and San Francisco 8%. These data suggest that housing demand for San Diego, San Jose, and San Francisco is being driven by improvements in the local economy, not by pools of speculative capital.