It's starting to show, but we're about two or four years off from the real meltdown. Real bubbles happen when the general public starts throwing their money in, which hasn't quite happened yet.
My bet is more like 12-18 months... but, I'll say this much – the sooner it happens, the better it is for the industry. If there's enough time for the general public to get caught up in the run-up, it's going to be an even bigger fall with a longer recovery.
A bit of realism now would save us from pain down the road.
