1) Plenty of other countries are having real estate bubbles bursting, for instance Ireland and Spain.
2) It has long been a goal of the government to increase home ownership and inflate the bubble. Regarding down payments, the government tried to help people unable to come up with downpayments to get a loan anyway.
2) It has long been a goal of the government to increase home ownership and inflate the bubble. Regarding down payments, the government tried to help people unable to come up with downpayments to get a loan anyway.
http://www.whitehouse.gov/news/releases/2002/06/20020618-1.h...
(Scroll down past the "hunt down terrorists" part.)
http://www.hud.gov/offices/cpd/affordablehousing/programs/ho...
Our top free market politician warned us about the bubble-producing effects of this in 2002, and tried to put an end to it.
http://www.ronpaul.com/2008-09-26/ron-paul-on-the-housing-bu...
(Sorry for the paulspam, but it might be the one time it's relevant.)