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The collapse of the housing bubble in the United States is mutating into a global phenomenon, with real estate prices swooning from the Irish countryside and the Spanish coast to Baltic seaports and even parts of northern India.
Links:
[1] http://www.nytimes.com/2008/04/14/business/worldbusiness/14real.html?em&ex=1208318400&en=4c545c22917e3590&ei=5087