Housing Woes in US Spread Around Globe

Housing prices are dropping around the globe like dominoes – and some analysts fear an extended downturn could result in economic collapse. Countries and regions with the highest prices, including Ireland and other European nations, have the most to lose, reports Mark Landler in the New York Times. Residential investment accounts for 4 percent of the US economy versus 12 percent of the Irish economy. Mortgage defaults and foreclosures dent home prices as well as many business profits and labor mobility. Some countries anticipate that increased immigration might reduce the growing number of empty homes. – YaleGlobal