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International ripples
This is a reminder of how truly global the credit market has become - even one as traditionally local as home finance. The fact that turmoil in the American home loan market can cause substantial concern among European central bankers bolsters the case for reasonable regulation at home.
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This was bound to happen - It became obvious to me in Feb. when I visited Key West and saw houses that were falling apart-1200 sq.ft boxes selling for a half million dollars. In July I visited San Francisco and nothing could be touched for less than a million. There had to be an adjustment because there are still houses in some parts of this country that are actually selling at reasonable prices.
August 11, 2007 2:30 AM | Reply | Permalink