Return Of The Housing Bubble?

The Case-Shiller home price index came out yesterday and the 20 city index is now appreciating at a rate not seen since the bubble days of last decade. The cities at the top of the appreciation list reads like a who's who of the good old bubble days with Las Vegas, Phoenix and Miami all making the top 10 along with a host of California cities. For the index as a whole, prices were up 12.1% year over year. San Francisco, at the top of the list, saw a rise twice that much.