Housing correction anyone?

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From Sunday’s New York Times:

The American housing boom in recent years is nothing compared with the price run-up in countries like France, Spain, Britain, Ireland, Sweden and Australia, even though markets in Australia and Britain have cooled in the last year.

Cooled? This from today’s Guardian:

House prices [in Britain] fell in April and annual price inflation dropped almost 50% from March, according to official figures published today.

The Office of the Deputy Prime Minister (ODPM) said the average price of a UK property was £181,832 in April, down 0.8% on March’s figure of £183,346.

Annual house price inflation across the UK fell from 12.6% in March to 6.9% in April, while in London the year-on-year price increase fell from 9.8% to just 2.7%. [emph. added]

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