How Could The FDIC Miss Arizona?
One sign that the FDIC report may be under counting the number of "boom markets" is this article from AZCentral. "No Arizona cities meet the Federal Deposit Insurance Corp.'s list of boom markets, those showing 30 percent total price gains, inflation-adjusted, over the past three years."
The calculators must need batteries at the FDIC. "Stephen Happel, an economics professor at Arizona State University, thinks such conditions persist in other states and he sees local warning signs too. 'I can't see how housing prices can keep going up,' Happel said."