The Economist recently published an interactive cross-country comparative global housing bubble tool. I’ve pasted a screen shot below, but visit the site to play with the various combinations and permutations of country-specific housing variables (see Global Housing Prices).
What I found striking from examining different countries and time periods is that although the housing bubble is nearer the bottom than the top in the US, there are many countries in which housing prices still seem lofty (e.g., Hong Kong, France, China, Australia, Switzerland, Belgium). Moreover, I didn’t fully appreciate how much larger the bubble was in countries like the UK, Ireland, and Spain than in the US. I knew the housing bubbles in those countries were larger, but in some cases (depending upon the specific time period), the bubble was up to 5x larger than in the US.