The globe is covered with metro areas that are dealing with housing valuation bubbles, according to a new report by UBS.

The UBS Global Real Estate Bubble Index for 2018, which analyzes property prices in 20 developed market financial centers around the world, found that housing markets were overvalued in most of the markets studied.

That means housing bubbles are a problem across the board, according to the report, with pockets of overvaluation found in Asia, Europe, Australia and North America.

In the U.S., the only housing markets found to be stable were in Boston, where housing was deemed to be fairly valued, and Chicago, where homes were considered undervalued.

Bubble risk soared in areas of Europe and Asia, however, and continued to grow in some parts of the U.S., according to the report.

One note of relief to economists and market watchers was the report's conclusion that housing prices are still far from being as overvalued as they were preceeding the 2008 financial crisis.

"Although many financial centers remain at risk of a housing bubble, we should not compare today's situation with pre-crisis conditions," said Mark Haefele, chief investment officer at UBS Global Wealth Management. "Nevertheless, investors should remain selective within housing markets in bubble risk territory."

The study also found that the median price-to-income multiple of the cities in the study increased from 5.5 in 2008 to 7.5 today. "Most households can no longer afford to buy property in the top financial centers without a substantial inheritance," the study concluded.

Here is how the 20 cities looked at in the study stacked up in terms of their index score and housing bubble risk:

20. Chicago

-0.62 (Undervalued)

Inflation-adjusted home prices have gone up 15 percent since hitting a low point in 2013, but prices remain almost 30 percent below their 2006 peak, the report said. Declining population, a sluggish economy and a "challenging fiscal outlook" have retarded growth, the report said.