The market for housing has rebounded, so if you believe there was a bubble the last time, we're in another one.
OTOH, if you are certain you can make the payments, and you are only interested in living in it (as opposed to selling it and moving on in the next 10-15 years), a bubble will make little difference to you in the long run. IOW, buying at a high point only limits your options when and if you go to sell (assuming you continue with sufficient income). If you really like the house, and are staying put, go for it. If not, your patience will probably be rewarded sometime over the next four years, as we enter uncharted waters in the financial markets.
I used to date a quant computer, so I know a little about this stuff from her pillow talk.