Baloney...the stock market is just sitting there and while real estate seems high in some places, it is just creeping up in most burbs and rural areas. If gas prices continue to shoot up, and presuming there is a strong growth in telecommuting, watch for shifting sands (but not collapse) in the RE market.
Just got back from moving a friend to Albuquerque. There is a hot real estate market there - but it isn't all of the market.
Nice places that are "reasonably" priced (250-300K), move very quickly. Lesser places that have been "bubble"-priced sit for months, then have their prices reduced. According to one real estate agent I know, the banks are beginning to turn down loan applications because these houses aren't appraising highly enough.
With 0% down, interest only, etc., there is very little margin for the banks, so now the tightening begins. The housing market in Chicago, once red-hot has stalled this summer also.