Real estate is local, the saying goes. But the current cycle of booms and busts has not only been seen in communities around the nation, but in countries across the globe. Our housing boom coincided, more or less, with booms from India to Russia. And home prices in many of those countries also plunged during the past few years.
Now just as our real estate market is showing signs of bottoming, the feeble British housing market also is strengthening. The New York Times reported today that home prices increased in July for the third straight month as buyer demand increased, including from foreigners looking to pick up bargains.
What other international markets are showing signs of life?
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.