[quote=poorgradstudent]There are zip codes that are above bubble levels and zip codes still below. From a very broad perspective higher end zip codes seem to have bounced back more forcefully than areas like Santee/Chula Vista.

If prices go up another 5-10% in the next year I’ll start talking “bubble”, but for now I’m sticking with prices being “relatively high”, but not a true bubble. The peak of a normal cycle isn’t a bubble, it’s only when prices overshoot “normal” highs significantly it becomes a bubble with high risk of popping.

I feel like it’s a great time to sell, and buyers should exercise extreme caution.[/quote]

poorgradstudent, I don’t feel that the older areas of Chula Vista have “bounced back” that well. At least not yet. And Santee RE is cheaper overall than Chula Vista’s and that city is much smaller. An apples to apples comparison cannot really be made with the two cities.

I agree that the rapid appreciation of the past two years needs to be examined on a case-by-case basis. It varies wildly among micro-markets.