Good post!

One bone to pick: Look at the historical mean of the home prices for a particular neighborhood. Use a 1994 to 2004 metric that breaks down by; Sqft, bed and bath, and taxes. That will tell you where the prices are going.

…in the coming months that “location” will be irrelevant. Financing is a “root” level operation and has no location bias. Historical sales data that does not factor a significant number of years previous to the boom (pre 2004) will not correspond to the lending guidance.