Welcome to Thoughts on the Market.

I am Bishi Tirupatur, Global Director of Fixing and Research.

Along with my colleagues, bringing you a variety of perspectives,

I'll be talking about concerns over a US housing bubble

amid surging home prices.

It's Tuesday, May 4th, at 10 a.m. in New York.

If you're in the market for a home or someone who takes a passing glance

at real estate listings or apps,

I don't need to tell you that your housing is on a heart streak.

Home prices, as measured by the S&P cashier index,

rose to all 0.2% over the past year,

with prices surging across all 20 of the metropolitan areas

tracked by the index.

That amounts to an increase of 35,000 in the median selling price

for homes from just a year ago,

and marks the fastest pace of increase since 2006.

Unsurprisingly, it calls to mind the boom in home prices

during that period, along with some unhappy memories

of the bust that followed,

which culminated in the global financial crisis in 2008.

However, unlike 15 years ago,

the euphoria in today's home prices

...