BTW, I thought San Diego was cheap in 2000 and overpriced by 2004 without benefit of any statistics.
According to Global Insights SD was below its historical intrinsic value all the way up thru 2002, but was 25% overpriced by 2004. As of 2007-Q2 it is 18% overpriced, which is down from its worst of 39% in 2005.
FWIW, LA is at about 50%, down from its high of 61% in 2006.
