World house prices
The Economist has updated its statistics on the development of house prices world wide. There’s not a huge change in the overall picture. The Australian and British markets are cooling a little, although looking at the year-on-year increases, even Britian and Australia still show a gain over 2003.
Given that the Economist reckons that property values world-wide have risen twice as much in the last 3 years as share prices did in the three years before the global share price bubble burst in 2000, and that more people in the countries concerned have money tied up in property than in shares, the continuing trend does not bode well for the world economy.