Are we in a new Real Estate Bubble?

Real Estate and Investment analysts have observed that home prices are exceeding the average income in the Santa Cruz / Bay Area. Does this mean we are repeating the peak market that occurred in 2005 before the housing bust? This article brings up some good points regarding the similarities and differences of our past boom to our current boom. Whats your opinion? 

To read the entire article, go to: http://fortune.com/2016/01/11/real-estate-bubble/