What Housing Bubble?

Everyday I read something in the Main Stream Media (MSM) about how the housing market will probably last until 'X' date. There doesn't seem to be a shortage of opinions about what the housing market is doing. My read on this is taken from histories of previous real estate recessions, and if we have anything to learn, its that housing corrections take much longer to grind out than stock market corrections. Maybe not the subprime borrowers, but some people can just live in their homes and wait for a better price!

Here is what the commander and chief had to say just before he was recommended to the chair of the Federal Reserve.
http://www.washingtonpost.com/wp-dyn/content/article/2005/10/26/AR2005102602255.html