Anthony Sanders at Confounded Interest has a knack for zooming in on what should be the most obvious chinks in the armor of inflating housing markets.

The distinguished professor of finance at George Mason University turns his sights to San Francisco, where something doesn’t look right when you look at the numbers.

Here’s his take:

San Francisco, California. The home of Facebook’s Steve Zuckerberg, Apple Computers, Google, former baseball star Barry Bonds and such politicos as House member Nancy Pelosi and California Senator Diane Feinstein.

The problem is that San Francisco median home price is now is excess of $1.4 million. And median family income is sagging.

Click to enlarge

(Source: Confounded Interest)

Notice that the big surge in San Francisco home prices began in 2012, the same year as The Fed’s massive 3rd round of quantitative easing.

Read the full post here.