The real estate bubble is here and now.
But don't take my word for it--read carefully the excellent article at the following link:
The stories are hair-raising to anyone with a memory longer than three years; but more importantly, they put flesh and bones on a story whose skeleton has been constructed by dry data from the National Association of Realtors and Fannie Mae.
And they remind you why cycles happen, over and over, no matter what.
I Am Not Making This Up