Is Reliance on Real Estate a Crack in the Foundation?

Do we need to worry about the economy going in to a recession? Some economist believe that with the housing market that began to slow late last year could have an economic burden on more than just the housing market. When all this happened interest rates went down, people refinanced and in turn had more money in their pockets to spend. So they did. The boom also created more jobs because companies were expanding to keep up with the growth of the housing market. Other economist feel that the housing market will gradually decline in turn making it possible for other markets to fill the void of the housing market. According to the article U.S history relates this past experiences where the market has declined quickly and dramatically and caused a recession but yet the evidence in the article is showing that the market is slowly declining. So where do you stand?