VOTING WITH THEIR WALLETS:

Baghdad's housing boom: With violence down, home prices are up as displaced Iraqis flock back home. For many, however, the cost is too steep. (Kimi Yoshino and Caesar Ahmed, 1/28/08, Los Angeles Times)

Soaring prices. Precious few homes. Bidding wars. Sound like Southern California a few years back? Welcome to an unexpected bright spot in global housing: Baghdad.

Attracted by news of decreased violence, thousands of displaced Iraqis returning to Baghdad's safer neighborhoods are fueling a bit of a real estate frenzy.

Last year, home prices plummeted and rents dropped as Iraqis left town in search of more stability. But now, some say it's almost impossible to find a suitable place to live, with sales prices doubling in certain neighborhoods and the most affordable homes being snatched up as soon as they're on the market.