Now This is a Housing Bubble – Shanghai China
In parts of the United States we are experiencing a minor real estate bubble with what looks like a modest correction. To see what a real housing bubble looks like, lets visit Shanghai, China. They have seen property values double and construction of a million homes a year. And not it has burst, brokerages closing faster than you can imagine, and anyone who has bought in the last year or two upside down on their mortgage that no relief is in sight.
This is the housing bubble. And it has burst tragically.
Although the city’s 20 million residents represent less than 2 percent of China’s population of 1.3 billion, Xie says, Shanghai accounts for an astounding 20 percent of the country’s property value. About 1 million homes in Shanghai alone — about half the number of housing starts for the entire United States in 2004 — are under construction.
“They’ll remain empty for years,” Xie said, adding that a jolting comedown also was in store for other Chinese cities with building booms — including Beijing, Chongqing and Chengdu — though other analysts say the problem is largely confined to Shanghai.
Shanghai’s housing bust comes after a doubling of prices in the previous three years, a run-up fueled by massive speculation. via Chron.com
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