This is going to take a while to digest, not overnight.
Housing Bubble Threatens Global Economic Growth, Bootle Says
Oct. 13 (Bloomberg) -- Surging investment in real estate over the past decade has led to a bubble that threatens to send the world economy into recession, economist Roger Bootle said.
House prices and the economy enjoy a ``symbiotic relationship,'' Bootle, economic adviser to accountants Deloitte & Touche LLP and a former adviser to the U.K. Treasury, said in a revised edition of his book, ``Money for Nothing.'' As the housing boom ends, consumers will feel poorer and pare spending, driving up unemployment, he said.
``Like the earlier bubble in shares, the extent of overvaluation is different in different countries, but this is a global phenomenon,'' he wrote. ``In the end, this bubble may be more serious than the primary bubble in shares. When it bursts, the world will tremble.''
http://www.bloomberg.com/apps/news?pid=10000102&sid=a1FU1hlz5WQo&refer=uk