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Housing called undervalued

Yesterday, in a dramatic turnaround, Global Insight said housing prices in San Diego are 21.2 percent undervalued.

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University of San Diego housing professor Norm Miller said the Global Insight finding “makes sense” and represents a “useful exercise.”

“We tend to always be moving toward the fundamentals,” he said. “When you get these adjustments away from the fundamental values, they usually happen quickly and movements toward fundamental values always happen slower.”

He said the normalized values that Global Insight has estimated back to 1985 represent a reliable indicator of where San Diego prices should be. (Full Story)