On the surface, all is quiet. Since the first week of April, the 10-year Treasury note has not traded above 2.05 percent or below 1.93 percent. It's 1.95 percent this morning. Thrill-a-minute. Low-fee mortgages have been 4 percent for three weeks (depending on down payment and credit). The Dow has had 100-point days, but is just yo-yo-ing below the 13,200 top. In widely scattered patches of exuberance, innately good housing markets are turning -- not bottoming, turning. Markets are turning in attractive places with scarce land, in-migration, and good economies (global, IT, government, health care). Looking back at their distress curves, the dead-drop in listings last year has resulted now in competing offers and modest increases in price. However, do not confuse these places with...
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