Why We Need a Bigger Real Estate Correction.

While we are still down HUGE from Dow 14,000, trailing P/Es in the REIT arena are beyond ridiculous. Most would explain this as the market switching from backward looking to forward looking valuations, but how do SO many people really believe these kind of P/Es are justified? For example, big name office REITs:


And people thought the CRE shoe had already dropped...