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The global housing boom - The biggest bubble in history - The Economist - Jun 16th 2005

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June 16, 2005 The global housing boom In come the waves The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops NEVER before have real house prices risen so fast, for so long, in so many countries. Property markets have been frothing from America, Britain and Australia to France, Spain and China. Rising property prices helped to prop up the world economy after the stockmarket bubble burst in 2000. What if the housing boom now turns to bust? According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs. Not only does this dwarf ...

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