Jimmy Rex is a Utah Realtor with EXP Real Estate and he doesn’t believe that we are currently in a real estate bubble. “If you trace back all of the recessions since the Great Depression, the only time house prices fell was in 2007 to 2009.” He notes that the factors which caused the last bubble aren’t the factors that are driving home prices in the current market. Currently, 98% of homes have some equity in their mortgage.