It's a bubble when people stop buying something for the utility value of it and buy it just because they expect the asset to go sharply higher.
It's a terrible thing for the millions who bought houses for their utility value during the bubble - they got screwed. Big time. And an awful lot of people are in exactly that situation. The bad loans threw about the last 2/3rds of bubble on - housing values nationally are about back to 2003.
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