patrick.net

I don't think it is real-estate itself. This looks like general world economic trends to me ...
http://finance.yahoo.com/news/one-key-forces-behind-bubbles-100000303.html
... and the debtor nations are getting majorly protective already. That makes an economic/political climate that is very difficult for the central banks to unwind the low interest rate monetary policy in.

There are some signs that are encouraging ...
https://www.yahoo.com/news/u-import-prices-post-first-decline-six-months-124241709--business.html
... but I will be amazed if the Fed did raise rates at all this year. I don't think they can strengthen the dollar in the face of things right now.

There are some unhealthy things in the housing market, to be sure, but to me it is more because it is being turned into a luxury good, not because it is itself a bubble. The sad fact is there is just really low inventory, lots of demand, and cheap money out there for those that can borrow. Some local markets are for sure overheated **cough** San Francisco **cough**, and maybe what is being said about Florida markets too (third video), but I don't really keep tabs on that state/locale.