You are seeing the Fed dealing with inflation. Real asset inflation preceeds monetary inflation.
The most sensitive indicator of inflation is the collectibles market. Old cars make new highs. Average people seek a killing. Notice the "Antique Road Show".
Thanks; I wondered what I was looking at. So instead of having changes in interest rates being the cause of changes in home values (per your post 125), we're now saying (post 192) that because of the Fed, real estate value trends lead interest rates.
Wait a second. For the past 15 years the prime rate has fallen (albeit erratically) by about half. During this same time frame the value of all private real estate has gone from a virtually static level, to a point that for years now it's been increasing by over 15% annually. Maybe this new theory isn't much better than the other one.