Here it is in all its glory:

http://www.economics.pomona.edu/GarySmith/SoCalHousingBubble.pdf

If I recall, this paper argued that since home prices always went up, it wasn’t actually expensive to buy homes because you’d get capital gains. I don’t remember if I wrote about it but I did lambast a paper making the same ridiculous argument written by three dudes from the Wharton School, Columbia, and the NY Fed.

http://real.wharton.upenn.edu/~sinai/papers/Housing-Bubble-Himmelberg-Mayer-Sinai-wp-09-07-2005.pdf
(shorter and more arrogant WSJ editorial version here): http://real.wharton.upenn.edu/~sinai/papers/WSJ_Bubble_Trouble.pdf

Once again, these were high profile economics professors/PhDs making the argument that homes were cheap because the apparently guaranteed capital gains would pay back buyers’ costs! Pathetic. My rebuttals:

San Diego Housing: Myth and Reality

Myth and Reality II

Rich