It's overvalued because a bunch of people bought stuff when it wasn't overvalued and charge as much as they can for rent. High rents mean high resale value. You

It's overvalued because a bunch of people bought stuff when it wasn't overvalued and charge as much as they can for rent. High rents mean high resale value. You're probably paying 2% or more of the original purchase price every month. The prices will go up until it is not economical to buy anymore.