It’s time for some valutions.  The charts below show San Diego
housing valuation ratios updated through
year-end 2010.

Let’s start with the price-to-income ratio.  The decline in home
prices since the summer brought this ratio back down to 7.6 — right in
the middle of fair value territory per these
ratios.  In fact, it’s 5% below the median price-to-income ratio
over this entire period (which incidentally is 8 on the nose).