The
Economist, which called housing 'the biggest bubble in history' in June 2005 has a good house price index calculator across countries.
http://www.economist.com/node/14438245If you select "prices in real terms" it's probably more accurate than the simple house-price index. Still, its interesting to see how a bubble developed across so many different countries all at around the same time. Those looking for US-specific causes of the bubble, like blaming the Bush administration (which I sometimes do), or blaming CRA, Fannie/Freddie, or US minorities, which Republicans almost always do, should pay close attention. Only Switzerland and Japan did not have bubbles in the last 20 years.
Its also interesting to see how many bubbles still have not popped. Prices in Britain, Spain, New Zealand, the Netherlands, and Australia remain at the equivalent of the speak of the US Case-Shiller or higher when compared to Q1 1995. If reversion to the mean really is the rule, these countries' property values still have a loooong way to go.
