I think it depends on how you are applying the data. The applicability of the data is not limited to the real estate markets only, and you could say they’re only indirect indicators. As a component of the national economy there are a lot of areas that do not qualify as being part of a bubble, per se.
In terms of our local economy, I think we’re still in a period of transition. If there’s going to be a freefall (and I think there is), that freefall hasn’t started yet and may not start for a while. It would be only natural during a transition period to have conflicting and inconclusive data and indicators. By the time everything is going in the one direction that momentum will have already reached its terminal velocity.
