Popular city housing prices are global markets, not local markets. Turns out foreigners have lots of money to burn that locals can't match.

Things like http://sanfrancisco.cbslocal.com/2015/04/28/realtors-printin... and http://www.sfgate.com/business/networth/article/How-and-why-... and http://www.bloomberg.com/news/articles/2015-10-14/nyc-s-luxu... and http://www.nytimes.com/2015/02/12/nyregion/russia-time-warne... and http://www.nytimes.com/2015/02/08/nyregion/stream-of-foreign... and http://www.theguardian.com/business/2015/jul/12/chinas-rich-... etc