House prices in the U.S. have more or less stabilized, and in some areas are even growing quickly again. But much of the reason for that is the swift decline they suffered when the housing bubble burst.

That has not happened to the same degree in Europe, where house prices remain high both on a price-to-rent and a price-to-income ratio.

The U.K. has been a different story entirely over the past decade, but Germany, France, and Spain all have inflated house prices relative to the U.S.