The point is that housing has far surpassed GDP, inflation, and as you can see from the following graphs, there is currently an oversupply. You will also notice that overvaluation is more acute in some areas than others, but it is also clear that it is a nationwide problem. Here's are the charts demonstrating over supply. Notice the oversupply begins with the steadily falling interest rates that began after 1980:
http://www.housingbubblebust.com/PopHsgRates/Overbuilt.html
I've been observing your tete a tete with Gigi and frankly, laughing my ass off.
His charts are good for selling gold to rubes and fools, and you are neither.
As you said later in this thread, game, set and match.