The story was from The Economist. They've been on the real estate bubble for the last three years. They are usually reliable, but they got the timing wrong on this one.
You must be British, because you have a real flair for understatement.
Nobody has a crystal ball. It will pop when it pops. Prices are not supported by fundamentals and will fall (and stay down) until the RE market's equilibrium is reestablished. Of course, reaching said equilibrium will involve much more than just real estate. It will be felt across the entire economy.