Home prices in many areas have fully recovered from the declines seen during the financial crisis, according to a variety of home price indices. While prices above levels seen before the financial crisis could cause alarms about another housing bubble, Sean Becketti, chief economist at Freddie Mac, is seeking to ease concerns. Last week, Freddie economists published an in-depth analysis of home price trends and median household income. They said the house price-to-income ratio appears to be the clearest indicator of the long-run sustainability of house prices. And even the PTI ratios that are relatively high in specific areas don’t necessarily indicate that there’s another housing bubble. “Based on this approach, we’re...