Yes it is different here: home loans in the USA are non-recursive, subprime loans account for 20% of the US market, investors cannot claim deductions for rental properties, levels of construction were at an all time high in the US in 2007 and 85% of US residents do not live within 50k/m of the coast.
Maybe thats why, broadly speaking, Australian house prices only fell by a mere 3% in 2008?
Oh but I know..."the worst is yet to come."
Maybe for the ASX but not for Australian property.
