| Michael Youngblood is a veteran analyst and the | | | | research has proven that the residential real estate |
| managing director of asset-backed securities research | | | | markets within these California cities are more |
| for Friedman Billings Ramsey & Co. in Arlington, Virginia. | | | | optimistic than previously projected and currently |
| According to an interview he gave to BusinessWeek | | | | debated.Youngblood assesses prices for the |
| for its May 15th issue, the idea of a national bubble for | | | | residential real estate markets in 379 metropolitan |
| residential real estate is fictitious. Since there is no | | | | statistical areas, including San Diego. Most residential |
| national residential real estate market, there can be no | | | | real estate forecasters use reactive indicators to |
| national housing price bubble.There are, however, | | | | predict future market changes, such as |
| residential real estate bubbles in 75 housing markets | | | | inventory-to-sales ratios and number of months |
| that he studies. Most exist either on the East or West | | | | required to sell residential real estate. Youngblood |
| Coast. San Diego residential real estate market is one | | | | believes such indicators do not predict market |
| of them. In a study he conducted in 2002, San Diego | | | | changes; they only react to market changes. He |
| was one bubble city of several for which Youngblood | | | | created his own economic model, based on two |
| was concerned, along with several other cities within | | | | predictive indicators that actually drive the residential |
| the state of California and elsewhere. However, recent | | | | real estate market. |