I read somewhere that NIST says that cloud computing bubble will burst like housing market did.
I don't agree with the analogy. Housing market bubble was artificially created. There was no science or a natural evolution behind the crazy Housing Market bubble. It was set to be burst.
The same principle can not be applied to cloud computing. Even after cutting all the hype around it, the cloud computing is a part of computing industry evolution (if not revolution) to better utilize the resources that we have.
It is like providing water or electricity. Not every company has its own Electricity generation plant. It is not economical and is also waste of resources. Cloud Computing is similar. Not every company need to build/own a data center.