Maybe not. The issue is whether or not here is a bubble. This suggests there is not and my claim that housing prices are appreciating much faster in the northeast, west and Fla are easily born out by home price sales. I bought a new town home outside Charlotte NC this year and it was only $6000 more then it was when I first looked at then 2.5 years ago.
http://www.realestateabc.com/outlook.htm
Whether there's a national "bubble" depends on the definition of "bubble."
Since RE usually runs a point or two over inflation, and inflation is about 3-4% (depending on which index you use,) a national increase anything MORE than 7% is "a bubble."