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Credit rating agency Moody's rates Canada, New Zealand and Australia as three of the four advanced-economy nations (Sweden is the fourth) most exposed to a housing correction, putting their broader economies at risk. Within the three Commonwealth nations, six cities have gained global attention because of rapid increases in home prices.

Comparing median prices

The median home price is the midway point of all the residential units sold at market price over a set period of time. For example, if 101 homes sold during the month, the median home price would be the home price in the middle, or the one that has 50 home prices above it and 50 home prices below it.

Australia sees correction on the horizon

Australia's two largest housing markets are expected to experience a dramatic cooling, according to the CoreLogic-Moody's Analytics Australian Home Value Index Forecast released last week.