I routinely deal with real estate buyers and sellers through work, and I can say that the real estate environment in my area is nowhere near the overheated level it was back in 2007, despite the historically low interest rates. Most sellers are having to work to finalize deals, and we're not seeing multi-party bidding wars that drive prices significantly above assessed values.
If the housing market takes a serious dip, I believe it will be collateral to a tanking economy generally, not because the market itself is inflated to unreasonable levels.
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