This Real Estate Market Looks Distressed. Home Prices Are Already Falling.

The index ranked just two U.S. metros as overvalued: Miami and Los Angeles. That compares with eight in Europe, led by Zurich with a score of 1.71, Munich at 1.35, and Frankfurt at 1.27. The Big looks like a relative bargain at 0.47, and San Francisco a steal at 0.27. These figures come with a big asterisk, says Matthias Holzhey, the UBS report’s lead author. Each city is compared with its own price history, so U.S. locations look better... + full article