Is the hot air finally leaking out of the balloon?

[Amy Hatcher]

As the saying goes, what goes up, must come down. I've noticed houses are staying on the market longer and longer, and prices are being reduced in response. Does this mean the boom is over and we should be preparing for the bust? As a neophyte REI, I'm quite trepidation about jumping in with both feet, full force, hoping for the best. Any long term investors see a familiar cycle right now?