The "bargains" aren't going anywhere as just the housing industry's halt alone will depress the overall economy and market wide company earnings for months out, quite possibly years.
Are you watching overhyped china HMIN still trading at 80 P/E? I've got many theories as to how an HMIN got to 80 P/E and I've got my bets placed in HMIN puts that it cannot hold 80 P/E. There are still dozens of these overhyped china plays all bubbled up and ready to burst.