In the past year, I have increasingly turned away from the US housing market to stress the difficulties now besetting other global housing markets. The US market is one of the four housing markets in the world’s largest economies to have crashed in the 2000s, along with the Irish, Spanish and British housing markets. The problems there are known. But there have been large house price appreciations (and some declines) elsewhere in places like the Netherlands, Denmark, Australia, Canada, France, Finland and Sweden.
The Economist has a good round-up of global housing market prices that looks at the over- and undervaluation in the most important housing markets in the world. [Content protected for Gold members only]