The economist reproduces one particularly unhelpful graph/table:
I hate this aggregate analysis. Regional variations in most of these countries completely invalidates the analysis. How do you make sense of the magnitude of the US housing problem with this kind of regional variation?
You don’t, is how. And even the Case-Shiller doesn’t comment on the economic importance of the various cities.
Have a care when drawing conclusions from gigantically rolled-up economic aggregates. They’re way too easy to fudge in favor of bias.
Not Unreasonable 