According to Case-Shiller, home prices are going crazy in Phoenix — +20.4 percent YOY.

We wanted to take a look at what exactly is going on down there.

But on our (virtual) way southwest, we ran into Maricopa, AZ, population 45,000.

According to Zillow, Maricopa's home value index leads all Phoenix-area towns (it's a 40-minute drive from the city).

Now, Zillow's data is not entirely scientific — they rely on a propietary calculation to determine home values.

Still, looking closely at what's going on in Maricopa reveals a home market that is practically indistinguishable from your average bubble town of six or seven years ago.