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The S&P/Case-Shiller index also shows signs of an early local and national housing market recovery, going back to July. Boston ranks #4 on its latest value list. Care to guess what city is first? Go ahead. Guess. A wild guess. The answer is … Cleveland?

The Northeast markets are generally doing better than the Sun Belt states, where overbuilding was out of control. Las Vegas is going to take years to recover.

Notes of caution: Sellers are still not back in the market in large numbers and consumer confidence is still very shaky. Ten-percent unemployment will do that to the psyche, after all.