A large chunk of that is probably Utah, where the market only warmed up about a year ago and is currently on fire. People are paying $400K for A-frame shacks with a woodburning stove and tin roof on .5 acres in the middle of nowheresville (where my relatives live), not near a ski resort, grocery store, anything nearby. IIRC the same thing happened last time around in the 90s — the money sloshed out of California, into Arizona and up to Utah and Idaho. And then the bust followed the same path.
