Rebecca Wilder calculates housing bubbles - measured in terms of the price-to-rent ratio - for the UK, Ireland, Spain, and Germany as well as the U.S. (pointer via MarkThoma). America's bubble looks downright mild compared to Ireland, the UK, and Spain.
This article available online at:
http://www.theatlantic.com/national/archive/2009/05/bubble-trouble/17729/
