While true, this misses the point of the article. What was the source of the air? The author claims cheap homebuyer credit and laxer lending requirements explains 90+% of the run up. They also claim this is non-obvious.
They do claim it, but how is "cheap homebuyer credit" and "laxer lending requirements" non obvious? I call BS - especially since there have been warning spelling those exact issues out time and again...