But is it a mania? This week, I spoke with a friend who...

But is it a mania? This week, I spoke with a friend who bought a 2,000 square foot house in Orange County, California, in 1999. He paid $235,000. Two years later, he sold it and moved out of state. He got $350,000 for it. His son, who remained in California but did not buy a home, tells him that it just sold for $800,000.