[quote=ocrenter][quote=Bob]As others have pointed out, this article is garbage and not worth responding to.[/quote]

well, it isn’t all that worthless.

if one understands that majority of SD’s sales are foreclosures in first wave subprime regions, and that this study/article represent such subset of properties, then it is worthwhile.

unfortunately most readers of the UT doesn’t understand that and will apply this study’s conclusion to places like Carmel Valley, where 2nd wave option ARM and prime defaults have just started gathering strength.[/quote]

Nicely said. Also, I don’t think we would disagree that much with their overvaluation metric in 2005. It is quite possible that according to median index that prices are at a bottom, but those who understand the market dynamics and mix of sales would interpret differently than perhaps a layman would.