sixty minutes, page-57

"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."

here is a link to the report that acees is talking about...
http://www.beearly.com/pdfFiles/JGLetter_1Q05_ALL.pdf