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Chart 1

Overvaluation strategies mean the degree of RRE rate misalignment, as they are made use of, together with other related indications, to quantify the new downside risks so you can RRE costs

Sources: ECB and ECB data.Notes: Panel a good) The overvaluation quotes depend on an average out-of a few measures: an enthusiastic econometric model and you will household price-to-money ratio departure regarding historical mediocre. To own info, come across Box 3 Products to possess discovering a possible misalignment out of property rates regarding fundamentals regarding issue of brand new ECB Economic Stability Comment, and/or Container step three A product-mainly based valuation metric to have home issue of the new ECB Economic Balance Remark. On y-axis, an advantage indication (+) ways overvaluation and you may a minus signal (-) undervaluation. Committee b) Is a result of an enthusiastic RRE speed-at-exposure design considering a screen quantile regression toward a sample of 19 euro city places.