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House prices in another bubble: Pro

While the data supporting the case for a housing bubble are out there, few people are actually paying attention, real estate advisor Mark Hanson said Thursday on CNBC.

"According to our research, house prices on a monthly payment basis today, with rates at 4¾ percent, are more expensive than they were in 2006 at the height of the bubble. And that's because from 2003 to 2006, people used other than 30-year fixed-rate loans," he said.

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"Remember, 70 percent of all the loans originated in California, Arizona, Nevada—all these places experiencing this hyper-appreciation right now—people used loans like pay-option ARMs, interest-only loans. So, when you normalize it for that, house prices are in another bubble in these states right now, if, in fact, 2006, 2007, was actually a bubble."