I've been feeling that way for a decade at least. As someone once said, the market can remain foolishly optimistic longer than you can remain solvent (while shorting an over inflated stock).

Never underestimate the power of everyone doing crazy things to make them not crazy. Housing prices in the US have been crazy long enough that the whole system is bought in to these levels it seems. Of course reality could be different in a few weeks or months but the bubble in real estate has been going on for a significant fraction of my adult life.