Never again. That was the sentiment held among legislators as they rallied to pass the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010. The goal was to outlaw the subprime mortgages that fueled the '00s housing bubble—which saw U.S. home prices soar 84% between January 2000 and June 2006—and ultimately pushed the country into the deepest recession since the Great Depression.

Fast forward to 2022, and we're once again hearing "housing bubble" talk. Economist Robert Shiller, who predicted the last housing bubble in 2005, recently hinted that housing may be in another bubble. Economists at the Federal Reserve Bank of Dallas put the real estate industry on edge this spring after they published a paper titled "Real-time market monitoring finds signs of brewing U.S. housing bubble." Why the renewed concern? Over the past year alone, home prices have gone up four times faster than incomes. Simple economic theory, which dictates that neither home prices nor incomes can outgrow the other for very long, tells us that isn't sustainable.

There's another reason bubble talk has suddenly reemerged: The spike in mortgage rates—up from 3.2% to 6% over the past six months—means home shoppers are finally feeling the full brunt of the pandemic housing boom, which pushed U.S. home prices up 37% between March 2020 and March 2022.

To better understand where the housing market stands, at least from a historical perspective, Fortune reached out to Moody's Analytics. The financial intelligence firm provided this publication an exclusive look at their quarterly proprietary analysis of 414 regional U.S. housing markets. The analysis runs between the fourth quarter of 1992 and the first quarter of 2022. (Back in May, Fortune looked at a similar analysis conducted by the Real Estate Initiative at Florida Atlantic University).

The analysis conducted by Moody's Analytics aimed to find out whether economic fundamentals, including local income levels, could support local home prices. On a national level, Moody's Analytics finds U.S. home prices are "overvalued" by 24.7%. In other words, U.S. home prices are 24.7% higher than they'd historically trade at given current income levels. While that doesn't mean home prices are about to fall by 24.7%, it does mean that, historically speaking, home prices have moved into the upper bounds of affordability. The last time that happened? During the 2000s housing bubble.