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Punoxysm comments on Money threshold Trigger Action Patterns - Less Wrong Discussion
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Owning a car can have a large advantage over leasing, if you are likely to keep the car a long time. An owned car can also become a second backup car, that it's no big deal if it breaks down) if you get a newer one. Leasing two cars at once is a big waste of money.
Owning versus renting a home is not clear cut at all. Renting a house is a huge money pit unless you are frequently moving, and renting an apartment vs. owning a house is often not comparable in lifestyle. Owning a house gives you the property and flexibility, and can result in longer-term wealth building.
There is a lot of debate in America about whether or not we are still in a housing bubble, but it seems to be the general consensus that in at least some areas of the country, buying a house is probably not a good long term investment.
Do you, by any chance, mean the northern part of America that sometimes goes by the name of Canada?
In the USA, the pre-2008 housing bubble has certainly popped. Now, one can argue that there is another one inflating right now, but I haven't seen many people make that claim.
The Motley Fools have a pretty good, and brief overview.
There are other articles around that name various sets of large American cities that are maybe/probably bubbling, and California is often cited as being at the forefront of the bubble.
However, you are right, the claims are that we are in a new bubble, not the same old bubble.