The real-time bubble monitoring strategy, proposed by A/Prof Shi from Macquarie University and her coauthors Prof. Peter C.B. Phillips from Yale University and Prof. Jun Yu from the Singapore Management University is currently employed by the Federal Reserve Bank of Dallas as a surveillance tool for misalignments between housing prices and market fundamentals. These misalignments are often attributed to speculative behaviours (i.e. housing bubbles).
The Federal Reverse Bank of Dallas published an international house price database which comprises quarterly house price and personal disposable income series for over 23 countries. Along with these data series, exuberance indicators, which are computed from the real-time bubble monitoring strategy of Phillips, Shi and Yu (2015a,b), are reported. The exuberance indicators are provided by the Dallas Fed on a quarterly basis and serves as a useful surveillance tool for housing market speculation around the globe.
Link to the International House Price Database of the Federal Reserve Bank of Dallas: https://www.dallasfed.org/institute/houseprice.