Piggington Does the Bay Area

Remember when I said that the SoCal housing market is not all that different from that of the Bay Area vis-à-vis the housing bubble and the lambasting I got for that comment? Well, Professor Piggington has done the comparison so see for yourself. It's nice to have corroborating analysis.

This suggests that Bay Area home prices have risen not on structural fundamentals such as population or income growth, but on more ephemeral factors such as optimism, over-ownership, speculation, and E-Z credit.