Garth Turner is one of the more vocal voices of the doom and gloom housing market scenario. His website
www.garth.ca is a good read. His housing predictions are also pretty bang on (off a few months, time wise) if you read his blog posts from a year ago.
Of course he focuses mostly on Halton so his analysis of the market is really an analysis of the suburban sprawl housing market. Which I think is a little different than the Hamilton resale market.
Burlington, Oakville, Milton are all horribly over priced in my opinion, Hamilton and to a lesser extent the burbs of Hamilton still have good value... for now.