Market市场

“Southern California” here means Los Angeles, Orange, Riverside and San Bernardino counties — the four the data covers. San Diego, Ventura and Santa Barbara are not included.本页的“南加州”指 Los Angeles、Orange、Riverside、San Bernardino 四个县 —— 数据覆盖的就是这四个。不含 San Diego、Ventura、Santa Barbara。

How to read the 0% line in the chart below: 0% is where a market sits exactly at its pre-crash peak — not a ceiling. Many markets have already grown well past it (drawn above the 0% line); a market below 0% simply hasn’t fully recovered yet. 怎么读下面这张图的 0% 线：0% 代表市场此刻正好回到崩盘前的高点——不是天花板。很多市场早已远远超过这个点（画在 0% 线上方）;低于 0% 只是说明这个市场还没完全收复失地。

The map circle and the line in the chart below now read the exact same measure — change vs its pre-crash peak, last four quarters. The circle is a snapshot of this one quarter; the line traces that same number across every quarter, with the current quarter marked (the label follows the line as you play). They can’t point in different directions anymore: same field, same basis, just two different views of it. 地图圆和下面这条线，现在读的是完全同一个指标——较崩盘前高点涨跌多少，同一个近四季滚动窗口。圆是这一季的快照；线把同一个数字画成每一季的完整轨迹，当前这一季会被标出（播放时标签跟着线走）。两者不会再指向不同方向：同一个字段、同一个基准，只是两种不同的看法。

Size has a floor and a ceiling: markets are drawn at the same minimum or maximum size once their actual volume is far enough below the floor or above the ceiling (about 1–12% of markets on either end, depending on property type). 大小有下限也有上限：当成交量低到地板以下或高到天花板以上时，城市会被画成同一个最小或最大尺寸（视房型与哪一端而定，两端各约占 1%–12%)。

Covers cities that passed the display threshold (at least 200 total sales over the full period). Bank repossessions are excluded from every count in this section — a lender taking a house back on foreclosure is a title transfer, not a sale. The price quantile bands in the chart below, and the map circles' colour, all use only market sales and owner short sales (pre-foreclosure). Bank resales are real sales, but they're priced as inventory clearance by the lender — a different price-formation process than an ordinary sale — so mixing them in would let those series move with the sales mix instead of the market itself; bank resales are still included in the map circles' size, the sales-volume bars, and the distressed-share percentage, just not in the price bands or the circles' colour. 统计范围为过了展示门槛（全期成交至少 200 笔）的城市。本节所有数字均已排除银行收房登记 —— 法拍后贷款人把房子收回是产权转移登记，不是买卖。下面这张价格分位数带图，以及地图圆的颜色，都只统计正常市场成交与业主违约自售。银行转售是真实买卖，但它的定价是银行清库存，与普通买卖的定价过程不是一回事 —— 混进这些序列会让它们随成交结构变化，而不是随市场本身变化；银行转售仍计入地图圆的大小、成交量柱状图与困境成交占比，只是不计入价格带或圆的颜色。

Gaps in the lines mean too few sales that quarter to compute a value — not missing or broken data. The bands themselves only cover the middle 90% of cities each quarter — the most extreme 5% on either end are left out, so one outlier market can't blow out the reading for everyone else. 线断开代表这一季成交不足以计算，不是数据缺失或加载失败。带子本身只覆盖每一季中间 90% 的城市——两端最极端的各 5% 没有画进去，这样一个离群的市场不会把其他所有城市的可读性都拖垮。