Karen Weise:

Home values are now at three times the median income -- that's 15 percent higher than they have historically been, relative to what Americans earn.

As rates rise and push mortgage payments higher, people are going to realize that homes -- and not just mortgage payments -- are overpriced for what the nation as a whole earns, which in turn could send home prices tumbling again.

Norimitsu Onishi:

Sales figures for single-family homes in Santa Clara and San Mateo, the two main counties in Silicon Valley, show median prices have risen about 30 percent in the past year while the inventory of available homes has fallen by roughly half, according to an analysis of local multiple listing service data by the Silicon Valley Association of Realtors. The median prices for March -- $735,000 in Santa Clara and $925,000 in San Mateo -- only hint at the current market's frenzy.

Each property now typically attracts between 10 and 30 offers, eventually selling from 5 percent to 25 percent above the asking price, said Moise Nahouraii, the owner of Referral Realty in Cupertino. Jeff Barnett, a former president of the association and a regional vice president at Alain Pinel Realtors, said 30 percent to 40 percent of sales were paid in cash.

"Last year, the market came up," Mr. Barnett said. "This year, it's on fire; it's just unreal."

Agustino Fontevecchia:

Case-Shiller data for January showed the 10-city composite jumped 7.3% over the past 12 months, while the 20-city index surged 8.1%, its fastest levels since before the housing collapse. Some suggest the current state of the housing market is artificial, and that it will eventually face a correction.

Roberto G. Quercia:

The problem with this conversation is that it's like discussing the future of shipbuilding from the deck of the Titanic.

Man in bed:

I just shipped the bed!