The August Case-Shiller home price indices were released this morning.
The 20 metro HPI index slowed to 2% YoY, back to 2012 levels.
The fastest growing metro area in terms of home prices? Phoenix. The slowest growing? San Francisco.
The Phoenix recovery is not as dramatic as the 2004-2006 home price spike.
San Francisco had a similar 2004-2006 spike in home prices, but a faster post-crisis surge.
Even Cleveland and Columbus Ohio saw declines from their 2006 peak in home prices, but no evidence of a 2004-2006 surge (just a gradual rise).
Columbus, in particular, is shown a rapid rise since 2012.
What is so important about 2012? It was the huge third round of Fed QE (asset purchases).