Are we trapped in another housing bubble? A rapid rise in home prices has some experts worried

Inasmuch as I am selling my current home in California and purchasing another in Texas, I am acutely interested in this topic. The last housing bubble was created by government meddling in the home finance market. In an effort to make home ownership more accessible to minorities, they "guaranteed" loans to them even if they couldn't afford the loans. They then leaned on lenders to make the loans. The lenders complied and housing prices rose driven up by the swarms of new buyers with guaranteed loans (much like college education prices have risen as students arrive with government loan guarantees for loans they will never be able to repay). Today's housing prices are rising for a different reason. Low interest rates are driving first time home buyers into the market. The loans they are taking out are affordable and no one is leaning on lenders to make loans they can't afford. Is it a bubble? Yes and no. It's a bubble in California because jobs are being driven out of the state and new home owners will find themselves unable to repay loans when they find themselves out of work. The California market will then be glutted with foreclosures and prices will fall. Homeowners will find themselves living in houses that are worth less than what they owe on them. Not a good situation.