We'll likely never see a housing crisis quite like 2008, at least not a for a while, but many cities really have overshot reality. I'm in Nashville and it's absolutely insane what people are asking for houses in bad neighborhoods or houses in good neighborhoods. It might not be a lot if you're moving here from California, but if you're from the region even Atlanta or Charlotte, you're getting a bad deal. Condos last I checked were cheaper in Charlotte and Atlanta in good neighborhoods than Nashville. Even in surrounding cities it has greatly outpaced rationality. Homes in East Nashville are up almost 300% in 8 years. That's not normal.