The S&P 500 briefly broke through the peak [established] during the tech bubble (somewhere above 1500).
With the business down cycle, recession, sub-prime debacle (all linked). It will probably be 10 - 12 years (total) before the S&P is firmly above the tech bubble level. The NASDAQ is still way down about 1/2. It would not surprise me if it takes 25 years (from the tech bubble) for it to reach its previous high (which was speculative).
The real estate market bubble is a little different than the the tech bubble. But real estate is probably overvalued significantly ( more or less depending on the area of the country). Consider that many people who qualified for home loans will probably not get them again. Not to mention the many individual investors (fools) will be much less enthusiastic about buying single family dwellings as quick flip investments. There is probably so much excess inventory on the market and so many upside down loans out there that it is sickening.
Stay diversified and re-balance. If you get a pop in an investment or class of investments better take some profit and shift it to an under performing investment. Wise words... not just for survival, but thrival (thrive). If that is a word!
These two recent events prove the wisdom in the old saying "Sheep get sheered; Pigs get fat; Hogs get slaughtered"