From my experience in the stock market, the bubble is very close to bursting.
There is one bit of advise that I follow in regards to the stock market, which has treated me well, and I believe it applies to the hosuing market as well:
When everyone and their mother starts buying properties because everyone else around them is making money off of it and they too expect to make a quick profit, that is when the buble will burst.
When people were buying SIRIUS and the stock was at $7, everyone else started to jump on the bandwagon, thinking it was a no brainer, buying at $8...Now SIRI is at $5.
You buy when everyone else is selling, and you sell when everyone else is buying.
