If you calculated % increase in housing over not 5 years, but centuries and current housing prices came back into line with those historic numbers, even when you take into account population growth AND inflation, many mega bubble markets are overvalued by 70%!! I think some people are seeing the writing on the wall now that in the not so distant future, homes will be going for dimes on the current dollar asking price. This isnt crackpot doomsday cult theory, this is leading world economists, hell even the the World Bank issued a memo saying the US housing bubble will likely burst with effects that will ripple throughout the world banking system. Anyone holding property: sell now or bear the consequences.