US home prices rose an astonishing 16.61% YoY in May (the latest available data from Case-Shiller). That is the great YoY surge in prices in the 33 year history of the index...
In the 20 largest US cities, home prices rose at 16.99% YoY (topping expectations), just shy of the record pace of 17.09% in July 2004...
Phoenix, San Diego, Seattle reported highest year-over-year gains among 20 cities surveyed.
"As was the case last month, five cities -- Charlotte, Cleveland, Dallas, Denver, and Seattle -- joined the National Composite in recording their all-time highest 12-month gains," Craig J. Lazzara, global head of index investment strategy at S&P Dow Jones Indices, said in statement.
"Price gains in all 20 cities were in the top quartile of historical performance; in 17 cities, price gains were in top decile."
But it's not a bubble right, Jay? The Fed is cornered - just keep buying those MBS now or face the collapse of 'conditioned-buying' that will make 2008 look like child's play.
Finally, we do note that this data is from May, before the recent slowdown in sales.