Buying a house at the top of a historic bubble because someone told you that "real estate never loses value", that "your home is the best investment you'll ever make", or because your neighbor was making a fortune flipping condos or because the real estate stand at B&N had 3 whole sections devoted to making a fortune in real estate is the mistake of one person only. The buyer. You have to do your own research in the purchasing of any asset whether it is a home, a stock, a bond or an oil future. if Cramer recommends a stock and you buy it and lose money whose fault is that? Some people will research well and others won't. Some will succeed and others won't.
I remember being involved in a great debate on GFY in May of 2005 on whether real estate was in a bubble and would burst. Some believed it would, some not. It's interesting to read the debate in retrospect though. People were sure able to come up with a lot of rationalized reasons for why real estate was NOT in a bubble.
http://www.gofuckyourself.com/showthread.php?t=470170