Thursday, April 28, 2005

US house market boom set for bust?

By Stephen Evans, BBC North America business correspondent

NYC Posted by Hello

Is the current property boom an unwelcome replay of the bubble of the late Nineties and destined to burst in the same way, showering a lot of people with a lot of pain?

In financial crazes, there's usually a general frenzied belief that the old rules of economic gravity have been superseded - but are we about to (re)learn the hard way that prices that go up can come down with a bump?

Certainly, the anecdotes indicating there's a boom with at least an element of speculation are starting to echo those of the red-hot Nineties.

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