House prices declined in several major cities around the world over the last year, while some cities are entering 'bubble' territory.
Home prices have taken a tumble in several major cities around the world, but many are overvalued and risk entering “bubble” territory, according to a new UBS report.
“On average of all cities, within the past year, inflation-adjusted home prices have seen the sharpest drop since the global financial crisis in 2008,” the report noted. UBS defines a “bubble” as a “substantial and sustained mispricing of an asset, the existence of which cannot be proved unless it bursts.”
Tokyo was the No. 2 most overvalued housing market, UBS said. Imbalances in the Tokyo market have “increased from undervalue 20 years ago to bubble risk now,” the bank said.
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