Readers who routinely follow my articles on Real Estate Economics are fully aware of my position on real estate bubbles in North America.A real estate bubble occurs when prices of real capital assets become so absurdly high that consumers either refuse or cannot afford to purchase, thus sending demand tumbling down. This has not happened in North America’s real estate markets, where we have assisted at either a slowdown in property appreciation or a depreciation of values in line with the Fed’s forecast of late 2005 and the beginning of the year, as well as with those of many economic analysts – including myself. This is the reason why this time around I wanted to give an example of a true real estate bubble.As reported by the official Xinhua News Agency, there is a growing concern among top officials of the People’s Republic of China that surging prices in major cities threaten to create economic overheating and serious social unrest. This has prompted a new crackdown by the Chinese leadership on property speculation. The National Development and Reform Commission (NDRC), the state planning agency, in fact reports that in North-eastern Dalian in the first three months of this year prices… Read full this story
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