This economy feels like 2007. Am I wrong?

[Josh Magnus]

Hello BP community,

 Is it me or do the sky high valuations on homes seem similar to the run-up during 2006-2007? It seems like the market is due for a valuation correction, maybe relatively substantial (10-20%)? Economy looks really good, but wages haven't increased enough to support home prices imo. 

 In Denver, home prices have flattened over the last 4-5 months and I've seen a lot of Zillow listings reducing prices. Plus there are a ton of new builds in progress. Anybody think staying on the sideline is better in this environment? Would love to hear what you think.. 

 Although I've owned a duplex since 2012, I've very recently returned to the real estate investing community with the goal of buying a single/multi family distressed property to rehab and rent. Am trying to find my bearings. Thanks.