House prices

The Economist, who else, had a terrific article about house prices in different economies. This is the link: The Economist, House Prices

There is a chart where you can select different countries to see evolution of the market. Pay attention to the following:

1) Price index
2) House prices compared with average income

Have a look to Spain compared with other markets like US. If this doesn't scare the hell out of you, I don't know what will. Maybe Hong-Kong will give you a good sense of what is to come in terms of prices going down for houses.