In an article published in the June 2013 issue of the Foreclosure News Report — titled “The Housing Bubble: Black Swan or Ugly Duckling” — David M. Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones, explains that housing bubbles aren’t that rare nor are they uniquely an American event. He writes that volatile home prices occurred recently in England, Ireland and Spain. Even Hong Kong saw prices rise and fall in 2003, losing 40 percent before rebounding again in 2012.
In fact, he writes, housing booms and busts have happened for hundreds of years — in Europe, Asia and the United States. And they will continue to take place, he argues.
“Housing booms and busts go back as far, or farther than the United States so the bubble shouldn’t have been much of a surprise,” claims Blitzer. As the nation spread westward from its colonial beginnings up and down the eastern seaboard, land speculation and financial crises were all-too common events.”
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