[quote=Rich Toscano]Second, if you are inclined, I’d love to see a variation on the final graph that, instead of mapping both series, just shows the % difference between each series. That would give a more fine-grained look at how over- or under-valued SD housing is compared to your indicator.[/quote]

Here it is:

Most notably you can see the big overvaluation that was the 2006 bubble. It looks like currently we are overvalued but not significantly.