It’s the lack of analysis like what you did for National City that got everybody into this mess. It’s called a reality check. The consumers were using pop phrases like “can’t lose money in Real Estate” or “They’re not making any more land” in the place of any real analysis and the banks were using data that was flawed from the start and not doing a reality check on who they were loaning money to.
The only catch to the National City prices is that it’s likely that somebody with $35,000 under their mattress would buy when the rental ratio became reasonable and then use the property as a rental. Who knows what that would be?