Is the Bubble a Media Phenomenon?

The article cites four years' worth of media stories foretelling the imminent bubble burst. (In fact, some of that 2001 coverage catalyzed the early technical work for Altos Research. There was no effective way of telling what was actually going on in the market, so we built one.)

Journalists have been talking about a housing bubble
since 2001. On September 3 of that year, Forbes magazine warned its
readers about the consequences of home equity values starting “to
wobble,” while stating, “There are ominous signs that this is about
to happen.” On the same day, a BusinessWeek editorial cautioned
about a “double bubble” and told its readers, “A housing bubble may
be developing – right behind the Nasdaq bubble.”

One tricky part to navigate here is the argument that current reports of sales activity, etc. are evidence per se of a bubble either way. Just as this statement doesn't indicate bubble or burst...

On November 28, the National Association of Realtors

reported existing-home data for October, and although sales were
down 2.7 percent from September’s torrid pace, the median national
price rose to $218,000, a 16.6-percent increase since October 2004.
CNN’s Tony Harris on “Live Today” shared the news with his viewers:
“Has the housing boom gone bust? Just in this morning, existing home
sales fell in October more than 2 and a half percent.”

...this one doesn't evidence an absence of bubble

Home Sales Still Going Up: New home sales jumped another 13 percent
in October. While sales of existing homes were down 2.7 percent from
September, the median national price rose to $218,000, a 16.6
percent increase since October 2004.

Stock prices were still going up in March of 2000, but we definitely bubbled over there. No, the most compelling compelling argument is the simplest one

Instead, [home price changes] “‘largely reflect strong economic
fundamentals,’ such as strong growth in jobs, incomes and the number
of new households.”

People well employed and confident about the future buy homes.