House price crash goes global

No production, no income, no money to pay overpriced homes with no resell guarantee.
A new economy model will look for other colateral than real estate, knowledge to medium sized production will replaces homes.

The property crash that began in the US is spreading across the globe, according to international estate agents Knight Frank, which said today that steep declines are now taking place across Europe and into Asia.

The country recording the sharpest fall is Latvia, where house prices have plummeted 24.1% over the past year. New Zealand, Denmark and Lithuania have all seen falling prices, along with Malta, Germany, Ireland, Estonia, Britain and the US.