esmith, why use Dec 2000 as your ‘base’ year, SD was already 3-4 years into the bubble at that point. How can 60K income support a 400K house? I almost bought a decent 1800sft house in MM for 175K in 1996, tack on some inflation and I’d say it’s worth about 225K today, not the 650K the owners probably think its worth.