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.