If you think the U.S. housing bubble was particularly bad, make a note of those bubbles that currently exist worldwide and those in the process of deflating, when scored in house price to income.
Note that the Irish and American housing markets seem close to being done the deleveraging process, while Spain has some time to go. France and the UK appear to have hardly lost pace during the downturn, according to this chart from Morgan Stanley.
Certainly not the only way to measure a housing boom and bust, but one worth taking note of.
Photo: Morgan Stanley