  We analyze the quarterly average sale prices of new houses sold in the USA as
a whole, in the northeast, midwest, south, and west of the USA, in each of the
50 states and the District of Columbia of the USA, to determine whether they
have grown faster-than-exponential which we take as the diagnostic of a bubble.
We find that 22 states (mostly Northeast and West) exhibit clear-cut signatures
of a fast growing bubble. From the analysis of the S&P 500 Home Index, we
conclude that the turning point of the bubble will probably occur around
mid-2006.
