CHEAP AND OVERVALUED HOUSES

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'Market value specialists' IPS have compiled a list of the world's eight 'most distressed' property markets:

(http://www.thisismoney.co.uk/money/mortgageshome/article-2071640/The-worlds-distressed-property-markets--grab-bargain-house.html#ixzz1g1e6yD9E)

Ireland
USA
Hungary
Greece
Bulgaria
Cyprus
Spain
Portugal

In Ireland, prices are more than 50 per cent below their peak in 2007.

Property prices are still falling.

In the United States property prices are still falling in some states such as Florida.

In Spain, it is now possible to buy a property at 60 per cent below market value.

In Greece, a return to the Drachma could half current property values.

In Cyprus property prices are falling.

In Portugal there are some cheap properties.

Bulgarian property prices are expected to fall further.

According to The Economist, house prices are overvalued by about 25 per cent or more in:

Australia
Belgium
Canada
France
New Zealand
The UK
The Netherlands
Spain
Sweden.

But, property in America, Japan and Germany is undervalued, according to The Economist.