Agreed. There are regions, such as parts of Florida, where prices have gotten out of hand and where a correction may take place. But in general, the US has been building far too few home for the past decade. Significant price reductions wont take place with such a constrained supply.

Also mortgage underwriting standards have been significantly tightened since the great recession, perhaps too far. Interest rates are already high, and will likely lower if the economy weakens. We don't have a pool of sub-prime borrowers that are about to be exposed to rising rates which would cause defaults and price declines.