And yes, we're going all the way back down.
Regression to the mean is a bitch.
It's the P/E stupid. It will always be P/E stupid.
No matter what realtors on commission would have you believe.
Want to see this ratio in action? Take any random house in the world, figure out what it would cost to "own" per year if you bought today, and subtract what it would cost to rent. You'll see you could rent for a fraction of what it would cost to "own". And that's the problem.