[영문]In the vast majority of OECD economies, house prices in real terms (the ratio of actual house prices to the consumer price index) have been moving up strongly since the mid-1990s (Figure III.1).1 Because of the important role housing wealth has been playing during the current upswing,2 this paper will look more closely at what is underlying these developments, with a view to shedding some light on whether or not prices are in line with fundamentals....