That's another phenomena that is starting to gain traction with developers and vrbo/air bnb folks.

So that property that sold for $500,000 last month, might only be worth $400,000 now, because the borrow can't qualify for it otherwise.As all of these phenomena snowball, you can see valuations cut by 50 to 75 percent pretty quickly. 

Tulsa is weird in that it has great pockets of neighborhoods in low income areas (see between Charles Page and Edison) and really really bad neighborhoods/apartments in otherwise great areas (see 61st and Peoria).The dividing North / South line (Admiral Blvd running parallel to 244) fits the typical "across the tracks" phenomena. 

Properties are cheaper and the phenomena of duplexes abound throughout the state not so much in California.  

And it's the same phenomena, though on a less absurd scale, in CA in general.  

And especially in boom times (like now), that phenomena lifts adjacent and less expensive areas as well (the gentrification effect.)  

Is this a temporary phenomena or not.  

The phenomena where price trends defy the index you cited is readily apparent in the increase in REO prices.

Yes, I know this doesn't factor in repairs and other phenomena which may occur.

Certainly the risk is calculated and I did my due diligence, but the gamble of it all comes from the forces and phenomena I have no control over"   Good Luck to all and don't be afraid to fail, those who learn from their mistakes and continue to push forward will succeed.