Dont forget that the last housing bubble was fueled by: speculation, artificially low interest rates (courtesy of the Fed, and Alan Greenspan).
This time around it's fueled by: artifically low interest rates, massive Federal Government debt and bailout (Quantitative easing, you guessed it) by the Fed (Bernanke/Yellen), technological change (fintech crowdsourcing, P2P etc)
The difference is that there may be no next time. IMHO, The Central bank bailouts are no longer possible, in the short or long run.