This is likely to be the first ever global economic disaster caused by real estate sponsored by big banks. During the Great Depression real estate values collapsed as the economy contracted and millions lost their jobs. That is the typical pattern of real estate bubbles bursting. Something in the economy creates a vision of a new paradigm and money starts flowing into real estate as a consequence of this euphoria. This happened in Japan as their economy and stock market frothed over with mania. There is no time in history that the entire world from the U.S. to Canada to Australia to Spain to China suddenly went into a massive trance and believed that real estate suddenly would carry the weight of every single economy forward. Of course what we are seeing is the unraveling of this system. The bubble has burst. Yet the banking system that relied on real estate as their game of choice in the casino cannot come to terms with reality because it would render them insolvent (which they are by the way). So instead, the charade continues yet the public is catching on to this mass deception. What happens when the worst housing crash since the Great Depression gets worse?
Read the whole post, The worst housing crash since the Great Depression just got worse. What happens when home values pop in other bubble metro areas? New home sales fall 82 percent from peak versus 80 percent during the Great Depression