Robert Shiller, the man who predicted the dot-com bubble in his best-selling book "Irrational Exuberance," has warned that house prices in some areas of the U.S. could be approaching bubble territory.

Home prices in certain areas like San Francisco have risen by double digits over four months, and if viewed on an annualized basis, they look like they are in "bubble territory," Shiller said.

U.S. home prices in August rose for the fourth straight month.

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