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Share prices still look overvalued by many measures.
The euro is overvalued by a massive 50%.
Nationwide, homes may not be overvalued by much.
The OECD, the Paris-based thinktank, says the UK's property prices are overvalued by around 22% – but that French property is overvalued by 36% and Belgium by 50%.
That honour remains with Australia, which is overvalued by about 56%.
In contrast, the currencies of Switzerland and Norway appear to be overvalued by around 100%.
Spanish markets are still overvalued by a quarter on these measures, although prices are falling.
By the same gauge property is "overvalued" by 50% in America.
The International Monetary Fund reckons real house prices are overvalued by up to 35%.
By the same gauge, property is "overvalued" by 50% or more in Britain, Australia and Spain.
The index also suggests that the euro is overvalued by about 29%.
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