Looks like the housing bubble is back — waaaayyyy back. In my area prices are waaaayyyy above the peak of the bubble.
I do not live in a great neighborhood. But it looks like a 3br, 2ba house can go on the market now for $750 – 800K, and sell right away, sometimes the same day, for as much as $900K. Word is that around here that it is Chinese nationals and hedge funds buying about 1/3 of them for cash. The rest pretty much sell for cash as well.
Over at Calculated Risk, Jim the Realtor: Here is what it looks like at an open house: