The steady surge in luxury home prices shows no sign of abating as bull-market millionaires pour fortunes into status-symbol homes. But some real estate agents and mortgage lenders are beginning to have a feeling of deja vu.

Laura J. D'Antonio, who manages Norwest Mortgage's high-end business in California, is no doomsayer. But she sees telltale signs of a market that could overheat: multiple offers, homes selling above list price, buyers paying people to stand in line as they wait for a new phase of a subdivision to open sales. "I feel like saying, 'Didn't we learn something the last time?'"

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