That house you mentioned for USD$96,000/yr will soon be 1/10 of it’s price in the next few years. The fact is, probably the worst global recession/depression is looming. Europe will go first when “too big to bail” countries like Spain and later Italy will need drastic measures to save itself. You think Greece is bad, the other PIIGS are thousands times worse. Right now some economists think even countries like France and even… Germany maybe at stake. The US is not doing so well, slow economy, high unemployment and massive unfunded liability will hurt the US seriously very shortly. Malaise in Europe and the US will sink China, one of the major drivers since 2008, and China is doing very bad right now with it's declining PMI and downward GDP revisions. China will have a very hard landing and it will hurt those who depend on it the most such as Hong Kong, Taiwan, Japan et al. Hong Kong real estate is a major bubble as it was propped by easy money from the Mainland. Hong Kong's real estate bubble is 100% worse than Dubai and when China collapses, Hong Kong will suffer greatly. I would stay away from anything in Asia right now. India is a joke, all hype about it’s economy when it never made sense how they thought they can skip industrialization (ie manufacturing) to become prosperous by just depending on IT services and other ‘back office” contract work (plus a lot of corruption and back dealings within its government). Japan is in terrible shape with it’s debt that is about 200% it’s GDP and half of their income from tax is used to service their debt, big problem. So in short, the big bust is coming and just wait, housing will be cheap in the near future.
Last edited by Mad-Dog; 5th Jul 2012 at 02:50.