Stock index relation is just not limited to US and Canada. All the REITcan invest and buys properties anywhere in the world. It is a global market with stocks, trusts, Funds etc, Where are Housing prices are localized. Some places in US house price are still going up.

I came across this interesting website. INVESTECH.
James Stack who runs the services has done a remarkable study.

They have been tracking the housing prices and the Market as a Whole.
They also know the home sales and the decline in the recent times.
You can see the peak and the Bursting of the Bubble, once we identify and come to know the peak.

You will see the the charts that provide us with the details of the decline of the housing sales in their web pages. You can also see the weekly and daily charts that provide us with a steady down trending of the sales in that market and where it was last.

I also sent in for a free sample issue, just to see how the presentations in the magazine are.

Good Reading.

Freddie.

http://www.investech.com/