Of 20 global housing markets tracked, the vast majority were overvalued in the third quarter, according to an annual survey from The Economist. The magazine compared the current ratio of house prices to rents with its historical average to determine a market's "fair value." Only four markets were undervalued: Japan (-34.6 percent), Germany (-12.9 percent), Switzerland (-6.4 percent), and the United States (-2.1 percent). The Case-Shiller Home Price Index was used to determine the U.S. figure. "America's housing market, almost alone among those which experienced a big bubble, is more or less fairly valued at this point, at least according to price-to-rent ratios. But price rises may not last for long. Earlier gains were driven by substantial reward programs and government subsidies, many of which have now lapsed," the London-based publication said. "America's overhang of housing inventory may get worse if concerns over lenders' foreclosure processe...
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