Now that I disagree with your assessment there. There a still a RE bubble on a national scale, but with all the added stimulus kicking in from the government, prices could plateau for a few more years before serious declines occur.
The bubble also extends way outside of RJ and SP. Brasilia in particular is off the charts, and some hotspots in the Northeast will suffer an Arizone-like fate as the commodity boom continues to fade.
I have debated this ad-nauseum, but here is my take on the subject.