Housing Bubble Upside

I keep hearing about a housing bubble. Apparently it's more of a California and Northeastern Corridor phenomenon than a nationwide happening. Here's a good article on it by the estimable Gary North.

In all the articles and discussions I see and hear about the housing bubble, I never notice any attention paid to the upside or positive aspect. Which is, that those who await the bursting of the bubble and stay in cash should be able to scoop up some great properties at fire-sale prices. Am I right, or am I missing something?

Technorati Tags:
housing bubble, real estate, property, economy, economics, news, finances, personal finance, banking, mortgages, houses, housing, financing, lending, bankruptcy, mania, manias, daily life, California, money, renting, apartments, houses, homes, home life, markets, free market, news, opportunities