Barring unforeseen circumstances, I don't plan on selling my home regardless of whether the price is inflated or deflated, so the "bubble" doesn't matter to me.
The only effect I saw caused by all the "sky is falling/the bubble is bursting" articles over the last few months is that the municipalities hurried to reassess everyone's property when the prices were skyrocketing so they could raise taxes. When the bubble bursts, I can't imagine any reassessing to lower taxes.