"There is not housing bubble. But of course you could be excused for thinking that there is, if you live in Southern California. The real estate market here is distorted, with supply and demand out of whack."
similar comments were made in the 70s and 80s .. up the 1990 which was the first time to be disproved as priced in ubber popular counties declined as much as 40%. fast forward to 2000 - 2010... im sure we saw equal double digit declines.
clearly the supply/demand talk has no merit and should be avoided.