House prices in UK US Australia NZ and Canada through June 2010
Scroll down for the chart "Residential House Price Indices" if it doesn't print below. This chart is from the site linked above.
Note some key features. The U.S. still has a few % to go to find a long term stable price. That flat section is various stimulus at the federal and state level (aka free cheese). NZ and UK are trying to create a "new normal" Canada is still on a tear and the only thing that makes them look reasonable is the insanity of the Australian market.
House prices, historically, increase only with inflation. Repeat: House prices, historically, increase only with inflation. The only exception to this is the discontinuity created by the move to two income households in the 70s and 80s. That effect is over now. Unless all of our kids move home and we start living in 4 income households. . .