The real estate bubble has been fueled by abundant credit, low interest rates allowing borrowing much more money for a much longer period and, most of all, by collective ideology pushing people to become first time buyers at any cost (and often, too high a cost), 'cause it will be worth even more tomorrow: real estate is a safe asset, can never go down...
Now, skyrocketing prices and credit crunch have cut the sucker's supply to this giant Ponzi pyramid, and the unraveling there is not going to look any prettier than the stock market... Europeans think a hundred miles is a long way. Americans think a hundred years is a long time.
