Found this Associated Press article about a Global Housing Crash
Global House Price Crash
Global house price crash (GHPC)..... During a regular real estate boom, the rising cost of property compels people to borrow increasingly large sums of money in order to 'get in' before prices rise any further. This type of risk taking may then be fuelled by low interest rates and easy credit availability. Such financial conditions can bring higher priced property within reach of less wealthy buyers, and can also encourage buyers to purchase multiple properties, or larger properties than they would otherwise consider buying. Before long, a normal boom can transform into a dangerous speculative bubble.
Based on this article I would caution anyone against investing in real estate without being very careful!
