The Most Splendid Housing Bubbles In America

Homes prices in the US surged 6.4% in May compared to May a year ago (not seasonally-adjusted), and 1.1% from April, according to the S&P CoreLogic Case-Shiller National Home Price Index, released this morning. The index is now 10% above the crazy peak in July 2006 of “Housing Bubble 1” in this millennium — a phenomenon that after its collapse everyone had called “bubble” and “unsustainable,” but which by now has become the new-normal rock-solid base upon which to build a solid housing market, apparently. The index is now 51% above the bottom of “Housing Bust 1”……So here are the most splendid housing bubbles in major metro areas in the US: