Is the Bubble Leaking, Bursting?

The "housing bubble" I keep hearing about? One blogger is compiling the evidence, and having a sour chuckle at some of the apparent absurdities of the market in its full flowering, or perhaps full decadence. (And yes, you can't say it's "overvalued" without knowing the desires and plans of whoever might want to buy it, and are certain that buying the house would disappoint them.) Any commenter horror tales or victories in the real estate market of late welcome.