If you believe foreign speculation is playing a role in inflating your market, I'd watch China carefully, who didn't take much of a hit in the last crisis and has very bubbly real estate of its own ($1000 rents for $1 million apartments). For examle, when Japan's asset bubble tanked, it took California real estate a decade to recover.

But if a crash happens, you'll need to be liquid with lots of cash because banks are less likely to loan then. Putting that cash in the bank means you won't much upside from the current boom...its a tricky balancing act!