[Marxism] Housing Woes in U.S. Spread Around Globe

[Dbachmozart@xxxxxxx]

DUBLIN â The collapse of the housing bubble in the United States is mutating  
into a global phenomenon, with real estate prices swooning from the Irish  
countryside and the Spanish coast to Baltic seaports and even parts of northern 
 
India. 
This synchronized global slowdown, which has become increasingly stark in  
recent months, is hobbling economic growth worldwide, affecting not just homes  
but jobs as well. 
In Ireland, Spain, Britain and elsewhere, housing markets that soared over  
the last decade are falling back to earth. Property analysts predict that some  
countries, like this one, will face an even more wrenching adjustment than 
that  of the United States, including the possibility that the downturn could 
become a  wholesale collapse. 
To some extent, the worldâs problems are a result of American contagion. As  
home financing and credit tightens in response to the crisis that began in the 
 subprime mortgage market, analysts worry that other countries could suffer 
the  mortgage defaults and foreclosures that have afflicted California, Florida 
and  other states. 
Citing the reverberations of the American housing bust and credit squeeze,  
the _International  Monetary Fund_ 
(http://topics.nytimes.com/top/reference/timestopics/organizations/i/international_monetary_fund/index.html?inline=nyt-org)
  last Wednesday cut its forecast for global economic growth  this year and 
warned that the malaise could extend into 2009. 
âThe problems in the U.S. are being transmitted to Europe,â said Michael  
Ball, professor of urban and property economics at the University of Reading in 
 
Britain, who studies housing prices. âWhatâs happening now is an awful lot 
more  grief than we expected.â 
full --  
<_http://www.nytimes.com/2008/04/14/business/worldbusiness/14real.html?hp_ 
(http://www.nytimes.com/2008/04/14/business/worldbusiness/14real.html?hp) >




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