Whenever you return to a previous high, it was a bubble / peak. Because otherwise it wouldn't now be a "previous high". That doesn't mean the new price is a bub

Whenever you return to a previous high, it was a bubble / peak. Because otherwise it wouldn't now be a "previous high". That doesn't mean the new price is a bubble or not - it's just inherent in the definition of the term. The 2000 peak was a big "previous high" too, and yet even in the depth of the last 2007-2012 cycle, prices didn't drop below that level. SF prices 1996-Mar 2013 http://my.paragon-re.com/Docs/General/SixtyFortyImages/Case-Shiller_HT_1996-2011.jpg http://my.paragon-re.com/Docs/General/SixtyFortyImages/Case-...