The Economist has a nice interactive tool to monitor the house prices from 1975 till 2012: http://www.economist.com/node/21009954
A few interesting observations can be made:
Belgium, where I'm living, is still in an upward trend in housing prices (Chart 1), while this can't be sustainable if we look at house prices against average income (Chart 2). Historically housing prices can only go up when wages go up, because you can't buy a house when you don't earn enough money to buy it/pay it off. I am expecting a similar drop in housing prices in Belgium like what has happened in the US in 2008.
In the United States, we see the collapse starting in 2007 and bottoming out in 2009.
In Japan, we see that house prices are becoming really cheap for Japanese people to buy, which is actually a good thing.
In Hong Kong we also seem to have a housing bubble forming.
Chart 1: House prices in real terms
Chart 2: House prices against average income
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