June 2005 The Economist "Biggest bubble -> biggest bust?"

They got it right. In June 2005 ( here ), why is everybody so surprised now ? :It is not going to be pretty. How the current housing boom ends could decide the course of the entire world economy over the next few years.

This boom is unprecedented in terms of both the number of countries involved and the record size of house-price gains. Measured by the increase in asset values over the past five years, the global housing boom is the biggest financial bubble in history (see article). The bigger the boom, the bigger the eventual bust. …



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