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<p>This is a problem for people who are “under water” on their mortgages, but for anyone in California who still has positive equity left in their home—and that’s a lot of people—they’ll find that equity will still buy them a lot more house in most of the country. In the Bay Area, at least, there’s been a sharp uptick in both the volume of home sales and in median home sale prices in the last couple of months. Both are still far off their peak, of course, but it’s improving. There are a lot of people out there who could move and might find it financially advantageous to do so.</p>