Was the Housing Bubble Bound to Crash?

The above cartoon refers to some people's argument saying that the housing bubble was bound to pop. Notice how above the "housing bubble," there is astronaut of some sort about the pop the bubble with a for-sale sign that reads, "house glut reality." Are we just falling back into reality or is the housing market crashing? A few claim that median income has remain unchanged over the past few years but housing prices have risen by 1/3... which is an unhealthy combination. I am not too concerned about the housing market because I think it is about time that we float back down from our bubble and down into reality.

The cartoon is courtesy of Pat Bagley, of the Salt Lake Tribune.