I personally think of a bubble has having a significant speculation component which I don't think applies wholly to the housing market in the same way it does today's stock market. The reasons that housing prices are so high, in my opinion, is primarily because of structural problems. But certainly others may feel differently or define a bubble differently.
I think that's true and even true at a zip code level for some locations. Broadly speaking though I think I stand by my assessment but always interested to hear other opinions on the topic because it is quite fascinating.
