What surprised me most about this chart of home prices in several countries was that the United States experience was far from the worst.
US is not alone - Graph of international residential real estate prices
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Brian McMorris 04.10.08 at 8:46 pm
Not a very well designed chart. The commentators at Seeking Alpha (the linnked site) echo that sentiment. This is not an absolute measure of price but of YOY price change. What it really shows is declerating price change in most countries, but negative price change (decline) in Ireland and the USA in 2007.
And notice that the chart is only through yearend 2007. The first 3 months of 2008 have taken the USA market down another 10% YOY. The decline has accelerated the past 3 months according to other data, like that which you graph, John.
It is hard to make the case that the decline in prices is anywhere in sight.