Yup, I don't really think there is much if any of a bubble here. I would think a bubble would imply false high housing prices, such as florida or cali. Where theres a bubble, if there were hickup prices will fall, and if there's a stumble (what I would call this) they will drop, and if theres a true fall out, they will plumet. It would probably take a true fallout for overall, non inflated, housing prices to drop, which is what I would consider the situation here.