I'm not sure about the presence of exotic financing arrangements like ARMs (Adjustable Rate Mortages) in Ireland, the UK, or Spain, but there has been a tremendous run up in prices (.pdf) the puts all but the most hyperactive US housing markets to shame.  Remember that large parts of the US housing market outside of major metropolitan areas have been relatively stable for the last few years. Look at the year to year debt rise for Spain and Ireland, and then look at the residential debat to GDP, and then compare to the US.  Two quick observations, Ireland and Spain both have real estate bubbles growing rapidly, and they have somewhat more capacity to absorb debt on a residential debt to GDP basis.  Perhaps Jerome can clarify if this all actually means that there is a European housing bubble, I think that there is, and I think that in the UK it popped in 2003 or 2004, hence the relatively low rate of growth but high debt.

And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg