Home prices are closing in on their records of the last decade, reigniting fears of bubbles. Time to panic?

In most markets, probably not. A few look overvalued, but that may not necessarily be the same thing as a bubble. A recent article from researchers at the Federal Reserve Bank of San Francisco does a good job of showing how prices have rebounded over the last four years without the leverage-fueled mania that gripped housing markets during the past decade’s bubble. In other words, many of the “red flags” of last decade’s...