On one hand, it looks like the national Case-Shiller Index is up about 40% since the previous peak (above).
But after adjusting for inflation, Bill shows how home prices are about the same as before:
You could say that home prices have only been tracking inflation over the last 10-12 years.
Has the frenzy over the last 12 months just added the annual 2% to 3% increase to home pricing that we’ve always assumed over the last decade, but didn’t realize due to inflation? Could be!