There has been long time talk on the housing market being in a bubble. Many expected the market to crash a long time ago but the property market just keeps getting stronger.
What with the rocketing prices of real estate in the past few years, certain cities have seen so much growth that housing and land is simply running out. As demand rises for housing a more attractive housing option are condominiums.

Manhatinization

There is currently a huge nationwide growth in the condominium market and its know as the "manhattanization" many cities such as Las Vegas, Miami, Toronto are all being manhattanized.

Many people are seeing such a rise in homeownership and figure that if they don't buy now in the future they wont be able to afford it. As people panic buy they find them selves  in loans that they may not be able to afford down the road.

Jumbo Loans Balloon loans, ARM Loans etc

Many investors and home buyers are purchasing homes with as little down payments as possible and committing them selves to loans that they don't understand. Once home loan rates go up there is likely to be many people who cant afford the loan payment that they have got them selves into.

So If We are In a Bubble When Could It Burst?

Soon as the market starts to cool off there could be signs of a bursting bubble. What with oil prices getting out of control its expected that Americans will have a lot less money to spend, that may have a knock on effect putting the country in to a much anticipated recession. A recession may be enough to put burst any bubble that we could conceivably be in.

Bottom Line....

Almost anytime can be a good time to buy a home providing you understand the loan contract your entering. If your scraping the bottom of the barrel to get a deposit for a home loan you should probably wait. If your not 100% sure that you will be able to afford all the loan payments in the future waiting is probably your best option.

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