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I'm in the real estate business, I'm actually a lender for a one of the larger mortgage companies in the US. Not trying to act like a bad ass either...
But a lot of the people that I talk to, including my Jewish CPA lol, say 2yrs max for this bubble to burst. Like someone else said, it may not be quite 2008-2009 again but the prices must come down. The fed has been talking increasing rate for some time now and IT WILL HAPPEN. It will likely happen towards December but I wouldn't expect the market to instantly tank. The worst affected areas will likely be Mid-West (as usual) with East and West Coast still maintaining above national average pricing.
Honestly I can't wait for this to happen, like another poster said people just don't make enough to support the recent increase in home values. And I don't know about the rest of the country but here in California the wages do not match the home values at the moment.
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