I don’t think the credit bubble is having a reversal of the concentration of wealth in this country. In fact, I think it is the opposite, albeit only a small amount. About 70% of Americans “own” their homes (or at least have a mortage for their home). Thus if the average price for housing drops in the US, then most of us have a lower net worth. Now, does the average American or the richest Americans have a higher percentage of their total wealth in real estate? It should be pretty obvious to most people that the average American has most of their net worth in the home, while the same is not true of the rich. Thus the average American is seeing his net worth decline due to the housing bust while the rich may or may not be suffering (it depends on how their non-real estate assets are performing).
On another point, globalization has shown no letup this decade, and this trend is due to the rapid concentration of wealth much more than housing is. So I think that you will see increased concentration of wealth throughout this decade and probably much longer. I would agree that this is mostly a bad thing, but there are some positives in this trend.