That being said, Rich Toscano, the brilliant and very well-respected owner of this blog, has some information that can be found on the home page of this site indicating that housing prices are not in bubble territory at this time. There is no doubt that prices are high, though, and Rich’s graphs and data will show you how today’s market compares to markets in the past.
I hope Rich is only referring to SD real estate. Here in Orange County things are in a full fledged bubble. Even Trulia rates OC as 20% overvalued and they are usually conservative.
And finally for concrete proof..my friend bought his condo in Ladera at the very peak of the last bubble for $600k and sold it last month for $585k.
So, Rich is saying that we are not in a bubble this time but somehow prices are back to where they were at the peak of the largest asset bubble in the history of the United States? Respectfully, His argument does not make much sense to me.
I hope Rich can substantiate his claims. I bet he will say something to the effect of inflation and rents but that is nonsense. My rent is lower now than I was paying in 2005 and in a nicer area.
