Check out Robert Shiller’s excellent analysis piece in The New York Times.

Shiller and long-time housing market co-guru Karl Case of Wellesley College have opened a window into the kind of thinking that has driven the recent surge in home prices.

And let’s just say it isn’t pretty.

The pair, best known for the S.&P./Case-Shiller home price indexes, over the summer surveyed newly-minted home buyers in four different markets on their views of the market, including Boston.

The surveys coincided with the recent, 3.6 percent increase in home prices from April to July, a dramatic shift coming after the nearly 5 percent drop in prices reported by Case-Shiller during the first few months of 2009.

Full story is available on Boston.com