Is the housing bubble back?

SAN FRANCISCO, CA - JULY 30: Real estate agent Maurice Dolan (R) hands out information on a home for sale during an open house on July 30, 2013 in San Francisco, California. According to the S&P/Case Shiller composite index survey of 20 metropolitan areas, home prices increased 2.4 percent in May, their highest level since 2006. San Francisco home prices skyrocketed 24.5 percent. (Photo by Justin Sullivan/Getty Images)

The real estate market has come full circle in some Southern California cities. DataQuick, a real estate data firm, finds that home prices in certain SoCal zip codes have surpassed their housing bubble peaks.

The real estate market has come full circle in some Southern California cities. DataQuick, a real estate data firm, finds that home prices in certain SoCal zip codes have surpassed their housing bubble peaks. Most of these areas are concentrated in the San Gabriel Valley and the Westside--driven largely by Asian buyers and high tech professionals, respectively.

Trulia, a real estate website, recently released their rankings on the most overvalued housing markets in the nation. Los Angeles, Orange County, Riverside-San Bernardino made the top 5.

Is California in the midst of another housing bubble?

Guests:

Richard Green, Director and Chair of the USC Lusk Center for Real Estate

Chris Thornberg, Principal, Beacon Economics