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Daily Real Estate News | November 17, 2006 | Europeans Warned: Housing Downturn Coming
A Belgium economist is warning other Europeans that the U.S. housing downturn doesn’t bode well for housing markets in the rest of the Western world.

"My research suggests that Europe, on average, follows the U.S. by about 18 to 24 months," says Daniel Gros, an economist who runs the Centre for European Policy Studies in Belgium.

Since the beginning of the 1970s, European house prices have repeatedly boomed and then reverted to long-time average prices. Gros believes that indicates that European, as well as British and Australian housing prices, which are increasing, may still go up, but not for much longer.

Source: Reuters News, Brian Love (11/16/2006)