The S&P/Case Shiller composite index of 20 metropolitan areas rose 5.8 percent in November on a year-over-year basis. This is the strongest price gain in 16 months.
Home prices in three U.S. cities, Dallas, Denver and Portland, Oregon, are now at record levels, the survey showed. San Francisco matched its previous peak and Charlotte, North Carolina, is less than 1 percent from its record high.
Home prices are up 11% in Dallas, Denver and Portland, Oregon over the last 12 months.
This is not what the downside of the Fed-created boom-bust business cycle looks like.