Housing correction anyone?
From Sunday's New York Times:
The American housing boom in recent years is nothing compared with the price run-up in countries like France, Spain, Britain, Ireland, Sweden and Australia, even though markets in Australia and Britain have cooled in the last year.
Cooled? This from today's Guardian:
House prices [in Britain] fell in April and annual price inflation dropped almost 50% from March, according to official figures published today.
The Office of the Deputy Prime Minister (ODPM) said the average price of a UK property was £181,832 in April, down 0.8% on March's figure of £183,346.
Annual house price inflation across the UK fell from 12.6% in March to 6.9% in April, while in London the year-on-year price increase fell from 9.8% to just 2.7%. [emph. added]