Bull Market

(Fox News) - You've heard a lot lately about the horrible housing market in the U.S. But there is one place in the world with soaring prices — a shortage of homes — and bidding wars among buyers.

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.