Housing prices were up during the first quarter in 19 of 36 countries included in a survey of official house-price statistics compiled by online property research site Global Property Guide.

Global Property Guide calculates changes in real home prices after adjusting for inflation. While home prices in North America remained weak, "massive recoveries" under way in Hong Kong (up 27 percent from a year ago), Singapore (up 24 percent) and Taiwan (up 18 percent) could signal that a bubble is forming in Asia, the report warned.

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