Nobody can afford a crash. If/when real estate goes it'll hit Wall Street, which has been packaging mortgages as investments, like a tidal wave. It will hurt every single ancillary company that services the building trades, from lumber to toilets. Then it'll echo through the rest of the economy.
Northeast, Kalifornia, Florida.
In Oklahoma, for example, prices have only risen about 5% annually. And that only in the larger metropolitan areas, viz., Tulsa.
I wouldn't expect to see huge market adjustments in these areas.
Many businesses can survive a few bad years but not a dozen years of stagnation. If there is a correction coming it may be better to get it over with than to string it out over a long period.