If you want a well considered analysis - go to the "GMO" website and look up a Quartely Report from Jeremy Grantham titled "Canary in the Coalmine" (2005). I cant provide a link. It compares the US, UK and Australian property markets in very good detail with stats similar to those that have popped up on this thread. A really good read, and still relevant.
Then, if you're impressed, check out his latest report on where the stockmarket is at - for a long time bear (justafiably) he's turning slightly bullish (very slightly), which you'll be pleased to hear.
