23 September 2006

U.S. real estate crash could cause global ripples

globeandmail.com : U.S. real estate crash could cause global ripples: "VANCOUVER -- The United States real estate market has entered a period of 'unprecedented volatility,' and banks, insurance providers, and government housing agencies should brace for global ripple effects, Yale economist and author Robert Shiller told a conference yesterday.
'There is a serious risk of worldwide recession coming up in the next couple of years because of the turning of the real estate market,' said Mr. Shiller, speaking at the annual congress of the International Union for Housing Finance (IUHF) in Vancouver."

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