Dive summary:

• Recent talk in some of the news media about a new housing bubble growing as the economy and house sales recover simply is not borne out by the numbers.
  • Zillow figured that prices are where they'd be the bubble, crash and recession had not happened.
  • What is happening now is a bounce, but prices remain well below where they were when it all fell apart, according to Case Schiller.
  • Interest rates are braking demand, and mortgages are still hard to get, so unqualified buyers cannot inflate demand.
  • Supply and demand are beginning to balance each other as builders resume building and homeowners.who were underwater come back up and look at selling.

From the article:

But are we really about to see a sequel to the last boom and bust cycle? I don’t think so, for a number of reasons. ...