Are we at the forefront of a bubble?

Rich, have you looked into San Diego’s home valuation index recently? With mortgage rates receding and currently global conditions I’d be interested to see where prices are historically on an affordability basis. It seems like a foregone conclusion that we will see significant upward pressure on prices this year, and I’m wondering where we sit on the potential “bubble” scale. I don’t sense a bubble, but the data would be interesting to see. Something like this chart you produced a couple years ago for VOSD (see chart above).