The chart at right comes from The Economist, pg. 81 of the April 5th issue. It shows how overpriced homes are in different countries. The overpricing is said  to be "not accounted for by fundamental drivers of house prices". I take that to mean the overpricing excludes ordinary inflation and probably includes increases due to speculation, perhaps enhanced by differences in currency exchange rates.

The chart below shows the Case-Schiller Home Price Indexes for various cities in the US and the Composite for the whole country. Miami and LA have symmetrical bell curves, now going down as fast as they went up. I have to say in sympathy that I'll bet the emotions are a lot stronger going down that they were on the way up. The despair as the market tanks wasn't nearly matched by the exhilaration of seeing prices go up back in 2004 & 2005. Been there, done that. Don't want to do it again.