Dear God...We're Not in a Housing Bubble!

Dear God ... I am constantly amazed at the doomers and their complete inability to look at data through anything but a "sky is falling" mentality.  Now there's talk of a new housing bubble forming.  Let me debunk this right now.

First, yes prices are increasing at strong rates.  There are several reasons for this, the most important of which is a small inventory (all graphs are from Calculated Risk).