Correlation between real estate and stock market

[eastbay]

A common sense idea is that when people have extra money to invest, they have two main choices: stock markets or real estate. Given that people are tending to make either/or choices, when one is hot, the other should cool, and vice-versa.

I've done some googling but can't seem to summon the data (beyond a decade or so) to see if there is any evidence that this is true. Is this a known fact or a known fiction?

Any good links to historical data?

eastbay