Home values are up in a number of bubble markets and we’re back to a situation where all real estate is local.

According to the latest Case-Shiller home price indices, Phoenix home values are up 23% from a year ago. Yet even with that great gain, the market is still down 44% from peak values.

With Phoenix in particular, people came in and bought houses no money down. Some speculators bought 10 or more properties at a time with borrowed money. They never intended to occupy or rent them. They just wanted to flip them and try to realize a 20% profit in just a few short months.

But we all know how that movie played!

You had the same thing in Las Vegas. Sin City values are up almost 18% in the last year, but they’re still 55% below their peak.

San Francisco is up 19% over last year, yet it’s still more 30% below peak. Atlanta is up 16% year over year, yet it’s still 28% below its peak.

Other markets aren’t seeing such extreme swings. Dallas is up 7%, but values are still down 4% below their peak. Denver is up 9%, but it’s still down 4% since peak.

The Wall Street Journal  reports the cost to buy a home vs. income is the most favorable right now that it’s been going back to 1980. The combination of values still being below peak and incredibly low interest rates are a winner.