A monthly report from real estate analytics and data firm CoreLogic declares that worries that America is once again inflating a housing bubble are overblown, with affordability never better in the vast majority of states.

"CoreLogic does not believe the market is experiencing a housing bubble, either nationally or even in some of the fastest growing markets. Further, the recent rise in mortgage rates is helping to slow down the pace of current appreciation, preventing another bubble, and rates would have to rise appreciably higher to cause a housing market downturn," wrote CoreLogic analysts Mark Fleming and Gilberto Méndez in the report. 

Even in more expensive states like Massachusetts, house prices are close to peak affordability levels, CoreLogic argues. For homes in much of the country to become unaffordable for a median income family, home prices would have to rise an additional 47 percent or interest rates would have to rise to 6.75 percent, the report suggests.

Elsewhere in the June Market Pulse report, CoreLogic argues that a high proportion of cash sales helped to spur the rapid price increases of the past several months and that now that the level of cash sales is leveling off and beginning to decline, price increases ought to abate somewhat. On a year-to-date basis, cash sales made up 39 percent of U.S. home sales, down from 41 percent at the same time last year, according to CoreLogic’s data. That number is still well off historical levels of cash sales, which made up about 25 percent of the market in the mid-2000s.