[quote=poorgradstudent]High rents and the rent vs. own index is part of why anytime someone around here yells “bubble” my reaction is “not so fast…”[/quote]

The problem is that interest rates are a huge factor in that calculation. Own vs rent looks much better at 3.5% rates rather than 6% rates. Of course rates will probably stay low for awhile, so home prices will probably stay elevated.