A very thin market has allowed a big jump.
This is a zombie market, held up by the fact that the gov't and banks will not allow it to fail. The banks have millions in arrears, but, what the heck? Anyway, a medium 3 bedroom house near us sold for way over 1.3 mill. These are peak prices.
I used to wonder how long people could hold out. The real question now is how long the banks can hold out. Everybody should stop paying mortgages, and have a party. No bank would dare to be the first to foreclose. Yeah for a game of chicken!
ps. just thought that one million people defaulting on one million each, is one trillion. Is our economy that big?