Updated housing graphs

I have updated my national housing bubble graphs to reflect the latest data available. It covers home prices from 1970-2011. It looks like U.S. home prices are fairly valued, although it varies by metro area. As I said in the past, I don't expect any significant overshooting nationally. I stick by that prediction.

Here, the red line represents inflation-adjusted housing prices, and the blue line reflects nominal housing prices:

The graph below compares the change in home prices to the change in owner-equivalent rents over time. Without any bubbles, they should increase at roughly the same rate over time: