...estate bubble "pops"?

All real estate markets are local. If the bubble pops, it will impact local markets that have seen a bubble. Miami, LA, New York, Phoenix have seen explosive growth in prices. Atlanta has not.In selecting a REIT, you can always choose different asset classes - the bubble is in residential, commercial properties are also an asset class worth considering.Any investment that is undervalued relative to its intrinsic value is a good investment. I'm certain there are a few in the broadly defined REIT area that you could find. Some of the dividend yields on the residential mortgage REITs are almost too good to pass up. Check out HMB (NYSE)