I'd say so, the indicators are all there. I just find the psychology of the whole thing interesting. There is at least some superficial recognition of the fact pricing has ramped up at such an astounding rate. Why else are there multiple threads being posted questioning why, and even making light of it? But then hardly anyone wants to scratch the surface enough to analyze why, or admit that the present trajectory is unsustainable, especially with major pricing pressure being applied elsewhere.
It's almost like a dirty little secret that is too uncomfortable to be discussed openly, and that "foresight" is a bad word. Holding to a contrarian viewpoint in the midst of such a trend isn't popular, but I do it despite the naysaying. I guess there is really no point other than to document the effect, because the herd will run as it wishes until it changes direction. That behavioral pattern has been well established, and is a large part of why bubbles happen to begin with.
That all being said, people may spend their money however they wish, within the limits of avaiable funds; I certainly do. But there is this curious sort of dismissiveness and indignation that crops up if anyone should dare question why prices are going so high so fast, and even moreso at the suggestion they won't stay that way. Draw your own conclusions about what drives that behavior.