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that housing loans in the US are only covered by the mortgage on the house and not a loan by the person is something that I was quite shocked to find out and something that indeed did not help prevent a bubble.

Here in Germany, you are always liable for the house loan with your entire personal wealth...

What I still don't understand, though, is how prices could go up so high? Did rents also go up? If developers were selling overpriced housed didn't anyone check what the costs of building a house were compared to buying one from a sleazy developer?

by crankykarsten (cranky (where?) gmx dot organisation) on Tue Aug 24th, 2010 at 05:36:05 PM EST
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