The housing boom a bust?

http://www.economist.com/news/finance-and-economics/21575737-lessons-americas-long-history-property-booms-betting-house

This article States that a lot of times in housing booms that people are influenced by what economist say are "animal spirits". These are unknown reasons for people to get excited about housing that drives the prices up and also the demand for goods. The article warns that people need to be more careful about their spending as well because at some point the bubble may burst again, not as badly as during the recession but enough to cause some financial woes.