Irish Housing Starts Off 39%

Just a quick update to an interesting Friday. I've noted time and again that the building boom was a global phenomenon. And, that many of the most overheated real estate markets were outside of the U.S. A few days ago it was reported that housing starts in Ireland were off 39%. The Finfacts article also mentions home building is a much larger percentage of GDP than in the U.S. As I've said repeatedly, the U.S. economy gets all of the attention because a disproportionate amount of the world's wealth has been created through American consumption. But many international and underdeveloped capital markets will be severely reprimanded at some point for not focusing on their own economic and political reforms.