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I don't know anything about real estate... so take this with a grain of salt.. BUT....
After several years of rock bottom interest rates, the FRB just got considerable amounts of people to refinance and take out new mortages & then right before the interest rates started going up, Greenspan starts pushing ARM's - no shame in their game I guess.
Depending on your level of paranoia and belief in conspiracies, you might wait till next year (after elections) to get into a market as inflated (imo) as real estate.
But again.. I don't know *anything* about RE. And I doubt anyone currently investing in RE is going to subscribe to the RE bubble theory.
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