Overseas housing too pricey for most Americans

Krakow, Poland may be a real estate steal, but it's arrevederci Roma and ciao to Milan and Florence, too, for anyone expecting to roll U.S. home sales profits into a European domicile -- except for those already living in such high-cost enclaves as Beverly Hills and Greenwich, Conn. A recent home price comparison index by Coldwell Banker Real Estate found those Italian cities out of reach for most anyone not already living in stateside luxury.

Milan and Florence weighed in at over $1.6 million for a home, on average; Rome just under $1.3 million. And that's dollars, not lira (which, of course, don't even exist anymore).

Also out of reach for many Americans these days are the pink sands of Hamilton, Bermuda, Bucaresti, Romania and Shanghai, all averaging above $1.3 million, not to mention Vancouver and Dublin at $1.1 million -- and Dubai trailing not far behind.

The most expensive market is not in Italy, however. It's in Singapore, where homes average nearly $1.9 million. Coldwell Banker points out that is "10% lower than La Jolla" but fails to mention it is also 10 times the average home value in everyday places like Phoenix, Mobile, Ala, Lexington, KY, and Syracuse, NY.