This is really interesting stuff to research. You're right, Wombat, this is an international problem, from what I'm reading.
Even in Ireland
Although some places are showing
some decline?
Florida has it particularly bad, since prices have never gone down and no matter how many hurricanes/fires/people from New York/floods we see, people just won't stop moving in. But, as discussed on the NPR show BigV mentioned, its unlikely that many people have looked at what their deductible is on their house now that prices have skyrocketed.
Mother nature's gonna fix it all soon...