The Economist, we re-submitted his paper analysis to compare in that situation are real estate prices in many parts of the world.
To determine whether a country estate prices are overvalued or undervalued basically used two indicators. The profitability of rental housing on the purchase price (sort of PE ratio for the real estate) and disposable income per person needed to buy a home.
Apparently we would have good news, since many of the countries that experienced a housing bubble would have already made the necessary corrections and other prices would be on the way. For example, in USA and Japan will real estate prices right now would be cheap as indicators of The Economist. In other countries such as Spain or the United Kingdom, prices still overvalued, but far from the levels we had a couple or three years, we would be talking about that for example in Spain missing fix prices between 15% and 16% , so little by little we get to bottom.
Countries could consider that are in bubble mode ... attention to Canada, Australia, Hong Kong, Singapore and to a lesser extent, France and Sweden.
In the past year where prices rose more was in Hong Kong with +24.5%, which was more in Spain fell -7.7%. Other places where the housing market is significantly priced up are South Africa + 11.1%, Brazil or India +12.8% +10.7%.
And the market right now seems closer to see how it would burst your bubble Canada, where home sales fell 15% in March and where surveys indicate that only 15% of Canadians plan to buy a home in the next two years, the lowest level in the last 20 years.