Gee, a major property insurer wouldn't have any reason to say that things are just peachy in the property market, would they?

I've read where over the last year or so they've started with the little-to-no money down BS again. But this time it's different. (More famous last words.)

Feel good propaganda courtesy of the Wall St looters who created the last collapse and will create the next one.
Just trust us again.
(And prepare to be f$%^ed again.)

I have not followed the RE market, but IMHO detecting speculation is simple: look at rents. Rents crystalize the actual supply and demand for property without speculative dreams or fears. A rough calculation assumes current interest rates, an 80 LTV, maybe 10% vacancy, and then see if it would cash flow. RE investing is obviously more complicated than that, but the quick-and-dirty rule works.