Or was it never really a bubble in the first place? What we know right now is that sales are falling, prices are dropping (slightly!) and some investors are getting out. What we don't know are the full ramifications of rising interest rates on a market that has been white hot for more than a decade now.

Over the next few months, we'll see if this is a correction, a cooling or a crash. What will that mean for home owners? For aspiring buyers? For those stuck in a tough rental market? And even, yes, for people using homes as investment properties, which helped drive the market to such incredible highs?

GUEST: Ari Altstedter, Bloomberg

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