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comment by adam | 1 comments | Create New Account

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comment by adam

Authored by: Anonymous on Wednesday, June 18 2003 @ 08:16 PM CDT

On the housing boom, the Economist says:

\"...the latest housing boom has inflated bubbles in several countries, notably America, Australia, Britain, Ireland, the Netherlands and Spain. Within the next year or so those bubbles are likely to burst, leading to falls in average real house prices of 15-20% in America and 30% or more elsewhere over the next few years, in line with average price declines during past housing-market busts. This time, however, with inflation so low, house prices will fall more sharply in money terms than they did in the past...Significant numbers of owners may be left with homes worth less than their mortgages