I don't think it's a bubble, although it might resemble one in your area. '06 was different. the property values were artificially inflated nationwide. mortgages for virtually any amount could be gotten, i.e.100% financing, no proof of income. even appraisers were in on the action. mortgage brokers and lenders were making a fortune because everybody wanted a bigger house, irrespective of the ARMs and outrageous rates. lenders didn't care if people defaulted because they were passing the proverbial hot potato by bundling all those crappy mortgages and selling them to investors as mortgage backed securities. it was coined "irrational exuberance" (patial thanks to alan Greenspan, but he's a separate topic not worth exploring here). easy money created high demand for a relatively low supply. prices went through the roof. until it all crashed.
fast forward to '16. lending standards have tightened and prices are back to normal levels. interest rates are low and that's good but you actually have to be qualified to get a mortgage these days.
if anyone sees it differently please respond. I hope this helps.