These are not bubble bites

From:
http://money.cnn.com/2005/08/18/real_estate/buying_selling/overvalued_housing_markets/

"Most of the most overvalued markets, according to DeKaser, are in California and Florida. Number one is Santa Barbara, where home prices, at a median of $564,100, are 69 percent higher than they should be."

From:
http://money.cnn.com/best/bplive/snapshots/48478.html

Santa Barbara is one of the Best Places to Live 2005!

Anyone who claims the median Santa Barbara home should sell for only $340,000 is incompetent.