I think that the housing market is much more granular than suggested by the article. There are marked differences between zip codes and even neighborhoods. Also, the price sectors widely differ. The house prices in my neighborhood have held up well after about a 150% increase over 6 years.
Over the same period of time, the rental homes that I own in a different Texas city more than doubled in value but have now come down from their highs by 20%.
News hounds cherry pick data to create controversy.