The city — is Baghdad. The Los Angeles Times reports decreased violence has led to a huge influx of returning Iraqis – 67,000 since September. And that has produced what it calls a real estate "frenzy." The Times reports sales prices in some neighborhoods have doubled — and houses are being snatched up as quickly as they are put up for sale.
And it's not just traditional family houses. Multi-million dollar homes are being bought by retired military officers, doctors, and Iraqis who got rich from government contracts.