property bubble special edition

Towers of Ilium has been reading about  residential real estate bubbles in various countries around the world. Apparently, many people suffer under the delusion that home prices can only go up. Currently, the following countries have over-priced housing markets:

Canada
China
Australia
United Kingdom

Which one will pop first? Or will it happen all at once? I'll try to keep track of this. I think that the U.K. is a good choice for being the first to deflate because of its current recession and its proximity to the Eurozone.

Canada might be able to offset its property bubbles by devaluing its currency. I'm surprised they aren't doing that already--I guess they're feeling smug and are awash in commodity profits.