This is somewhat old news, but the author makes a good case for the housing bubble based on rental prices:
I guess if your looking for a house, your up sh1t creek.
If you already own one, yawn, who cares.
Stock market bubble and housing are two entirely different things. Equity bubbles are fabricated events (ie. the infamous pro-forma #'s). Housing does play along the lines of supply and demand and at times may be stretched there is no history of crashes in this area, not even Japan nor Hong Kong (jeez, prices are still sky high in HK).