US real estate is looking like a bubble, housing analyst Mark Hanson says. Propped up by “unorthodox capital,” US properties are between 25% and 60% overvalued. Market value should come from the average homebuyers down-paying 20% while taking on a 43% debt-to-income ratio, but the math just isn’t adding up, Hanson says. In the Bay Area, for instance, Mark’s math would put the average home at $778k, about half the real average of $1.45M, Fortune reports. The “prop-up” cash comes from institutional investors buying up homes as landlords, plus foreign buyers parking money in America’s “safe haven” real estate market, a trend likely to continue with the recent EB-5 extension.