Is this a bubble or a rebound?

An economist from Trulia states that this is not a bubble- merely a rebound- Prices are 7% undervalued because the pendulum had swung back so far in the last downturn, A housing bubble is when prices soar above their fundamental value which is based on supply and...

Prices up- rents down

This is an article from Trulia. Does this sound familair? I also expressed my concern about the booming markets that don’t have great economics are are driven by hedge fund buying . I am hearing that rents are over done and the supply has gotten ahead of itself....