Here is the first news I have seen about a small dent in the upward momentum, and what will happen when the bubble starts to sag- Thse of your following the real estate bubble will want to check outhe whole thing.
Housing Goes Frothy to Flat in Denver Area - New York Times: "With economists warning that prices in hot markets cannot continue to rise as sharply as they have in the past few years, the experience of Denver's homeowners may foreshadow what could happen if those markets start to cool. Denver's circumstances are in some ways particular to the area, driven largely by job losses in the telecom sector, but they illustrate how a moderate slowdown could play out for homeowners in other parts of the country and stand as a potent reminder that galloping price appreciation is not the norm. "