Just snarfed an interesting link from Scott Burns' site. *Home appreciation by state:
Since 1980, housing prices have gone up 209% on average. * Some states are far away from this long-term mean. * For example, CA prices have appreciated 50% more than the mean, so if you believe in reversion to the mean, look out below!
TX, on the other hand, appreciated 58% below the mean, so if you believe in a tilt towards value, start buying Texas!