The International Monetary Fund has identified several countries where home prices were even more overvalued than in the United States.
[The IMF] concluded that house prices in the United States in mid-2007 were 11 percent higher than the fundamentals would justify.
But that overvaluation was much lower than in Ireland, where the I.M.F. estimates that house prices were 32 percent higher than fundamentals would support. The Netherlands, Britain, Australia, France and Norway all showed overvaluations of at least 20 percent.
On the other end of the spectrum, the I.M.F. concluded that homes were undervalued in Canada and Austria.
Full article here.