There is no real estate bubble, infact things are going to get even higher I think because money is flying out of China and the rest of the world into the US and real estate is the target of that money. That phenomenon is here to stay.
Compared to the rest of the world real estate in the US is still incredibly cheap, even in hot areas like LA and SFO.
I can easily see the median price of a home in San Diego approach $1 million in the next few years just due to influx of foreign money.
