Here is why it is not another housing bubble
Home prices, as measured by Case-Shiller, are still down 27% from their peak seven years ago, writes Columbia Journalism Review. But Case-Shiller calculates nominal prices, not real ones. And the consumer price index (inflation) is up 15% since 2006. So real house prices are about 37% below 2006 levels and are just now returning to where they were 13 years ago.
Here’s a chart from the excellent Bill McBride of Calculated Risk, and provided by Columbia Journalism Review, showing real house prices going back a few decades.