America, though, is still in denial about house prices, judging by our favourite measure of whether homes are fairly valued, the ratio of house prices to rents.

ECONOMIST: Global house prices

Based on the historical analysis and five other fundamental factors we measure, we have a Fairly Valued stance at this time as we downgraded it in early March due to valuation concerns.

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Already, by almost any measure, house prices are considerably over-valued.

ECONOMIST: House prices