These days, house price vertigo is more than a local or national condition. It’s a worldwide phenomenon.
(46)The American housing boom in recent years is nothing compared with the price run- up in countries like France, Spain, Britain, Ireland, Sweden and Australia, even though markets in Australia and Britain have cooled in the last year.
Million-dollar two-bedroom apartments are not only a fixture of New York, but of London, Paris and Hong Kong. In New Zealand, housing prices rose by more than 16 percent from 2003 to 2004. In Ireland, they rose more than 10 percent in that period.
The rise in prices is worrisome, because the international housing boom is a byproduct of globalization. A house on a plot of ground is the most local of assets. (47)But the financial markets that make it possible for people to borrow money to buy a house, or speculate, are increasingly open, international and linked.
Interest rate policies in the in
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