The signs of real estate mania in California: San Francisco Parking Spot Sells for $82,000. Median California home price up 25 percent year-over-year. Welcome back interest only loans.

Dr. Housing Bubble reports:

Interest only loans. Flipping. Hot investor money. Parking spots going for $82,000. Prices soaring by 25 percent while incomes are slowly edging up.

Great moments of the Welfare State gone wild.