The Quest for Accurate Housing Prices: Three Counties and Multiple Prices

"So are we down 11 percent or 3 percent in Los Angeles County? Is San Diego County’s median price $535,780 or is it $440,000? ... Without a standardized method of discerning price, we might as well ask any question that hits our fancy. And you wonder why we are in a massive bubble here in California? When is the mainstream media finally going to admit that homes have to reflect local area incomes? It is so incredibly obvious and just as they missed it in the beginning of the bubble they are missing it once again during the “crisis” period. They can play a role by managing expectations of the public but during the bubble phase they pumped the mania and now, they are adding fuel to the panic flame. This type of reporting and standardization is the precise reason we are in this bubble. No hurdles. No enforcement. Never crosschecking the facts."