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...pockets of the country. In central Texas, to take an example, D.R. Horton, one of the nation's largest homebuilders, is planning to build upward of 700 houses without buyers lined up. Such speculative houses largely went away during the real estate bust, but for builders trying to stay ahead of growing demand, they are starting to reappear. (See 25 people to blame for the financial crisis...
...sure, even if darker scenarios never unfold and China's economy continues to power ahead, it will probably not, on its own, be enough to drag the rest of the world into a recovery. Size matters. The U.S. has a $14 trillion economy; China's is $4.4 trillion. The U.S. accounted for nearly 21% of total global GDP last year; China just 6.4%. Chinese consumption, in other words, is growing - but is still insufficient to lift the world's advanced economies out of recession. Consumer spending drives less than 40% of China's GDP; in the U.S. before the bust...
...nations that they can rise together, rather than descend into bitter rivalry. Japan will need special attention; its politics are becoming worryingly sclerotic, and it is beginning to feel overshadowed by China. Tokyo may soon need reassurance that Washington still takes the alliance seriously. But for all the difficulties ahead, the accompanying charts should give a glimmer of hope. The U.S. and the three Asian giants are becoming ever more closely interconnected - and not just economically. We have become familiar with the way in which trade flows between China and the U.S. have grown exponentially. But there are now some...
...seven in 2004 to three. "Times of unhappiness tend to favor extremist parties," says Dominique Reynié, director of Paris-based think tank Foundation for Political Innovation. "This time people judged the crisis as sufficiently grave that they stuck with mainstream parties they felt best placed to move things ahead." (Read: "Europe's Voters Reward the Right...
Which goes to show that for all the glimmers of hope in housing, there is still a long slog ahead. Because fundamentally, what a rational housing market means is that people can afford the homes they have and move to bigger ones only once they have decent and growing paychecks...