Another Housing Bubble?!?!

It seems that bankers and home buyers the world over have already forgotten about last decade's housing bubble.  Loose lending standards, low down payment requirements and really cheap credit have contributed to another housing boom.

From The Sydney Morning Herald:

Nominal house prices have risen 29 per cent in Australia, 28 per cent in Canada and 61 per cent in Israel, form the first quarter of 2009 to now, according to Goldman Sachs.

We are talking about returns of 6%+ per year from housing during The Great Recession.

Let's remember what a house actually is, a depreciating asset that costs money to maintain.  It should not increase in value unless the land it sits on becomes more desirable.  Increased appeal of land is logical in some cases (i.e. an oil discovery) but land values should remain very stable over centuries.

Things like this shouldn't occur...  

Boom > Bust (from OfTwoMinds.com)

  
So what will be the conclusion to this most recent housing bubble?