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Cunningham worries about local housing bubble

Price-to-income ratio getting pretty high again

Don Bauder, SAN DIEGO READER

Thursday, June 6, 2013

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But consider this: in the first quarter of 2012, a year earlier, the median income in San Diego was $75,900, so incomes dropped 4.7%. But the median price of a home has zoomed 12%. The ratio has gone from almost 4 to almost 5 in a year. "This has all the signs of a bubble," says Cunningham. "Prices are rising faster than income (which is actually declining). This is an investor-driven increase."