I get asked this question all the time! No bubble, this time people that are buying homes are actually qualified and have to go through more hoops and regulation than ever! Yes, prices have gone up but they are actually below where they should have been if the bubble had never happened and homes had appreciated normally.
Now just because I say that you have to go through hoops and regulation don't think it is impossible to buy a home.
It is actually not hard if you have a Realtor® (such as myself Dawn Burlace) that can direct you to the best programs and lenders and let you know what to expect along the way. It just means that you have to prove your income (Imagine that!) and have decent credit (620+ and you are in good shape). There are even programs that will help you with downpayment and closing costs.
Excerpt from a Zillow article- "If experts are correct, by late 2017 the median U.S. home will be worth the same as it was prior to the Great Recession. But while this is a milestone, it’s a mistake to think re-achieving previous highs is a sign of full recovery. In reality, most U.S. homes are still worth far less than they “should” be if there were never a housing bubble and home values had instead grown at historic norms between 2000 and 2016".