[quote=Rich Toscano] . . . just extrapolating from last year’s chart, we are probably pretty close to “fair value” (which I define as the median historical price to income or price to rent ratio). . . . [/quote]
I agree with this. That “fair value” was in sales occurring sometime between 1999 and 2003 (depending on micro-area).
edit: as I’ve stated here before, the residential RE values in many areas of SD County became decimated beyond fundamentals, due primarly to SS closings (many of which were “fraudulent” and/or “non-arms-length” transactions). These (numerous) closed SS’s skewed the sold comps much lower than they should have been.
