Wow...how prescient. >Calculations by The Economist show that house prices have hit record levels in relation to rents in America, Britain, Australia, New Zeal

Wow...how prescient. >Calculations by The Economist show that house prices have hit record levels in relation to rents in America, Britain, Australia, New Zealand, France, Spain, the Netherlands, Ireland and Belgium. This suggests that homes are even more over-valued than at previous peaks, from which prices typically fell in real terms. House prices are also at record levels in relation to incomes in these nine countries. The only economy that never suffered as badly as everybody else in that list is Australia - and MAYBE New Zealand - largely because of the ridiculous demand of commodities from China, et. al. But these guys were spot on. No wonder I can't stop reading them every week.