I disagree that the market is not more efficient now. It is far more efficient. Before the Internet, there were MLS listing books that came out once a week/month. They were outdated before they were published. The genie is out of the bottle for sure but is it having the impact we all hypothesized it would? I am questioning that now. I am not questioning that we can do more research, better educater ourselves or that we arent more productive. What I’m questioning is whether the Internet has shifted the demand curve by making the information more widely available to everyone. By everyone I mean not just the “new class of better educated consumers” like you but by all the nit wits also.

As a buyer you bought what you could find which wasnt much. Now a buyer in Kasakhastan can instantly see a new listing in San Diego. I do agree we are better educated now but not that necessarily will decease prices. Consider the possibility that things may have been undervalued because the market was not adequately aware of the supply. I’m not sayin this is so but rather inviting people to open their minds to this possibility for a discussion to see where it takes us.