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...while France is hardly protected from the downturn - the Paris CAC 40 stock index dropped 2.3% Monday after the French government nearly halved its 2009 growth estimates to 1% - at least one factor might limit the damage to a degree. In the course of the last 15 years, which saw a boom in France's real estate values, no lender would grant credit to an applicant with more than a 33% debt-to-income level. French banks have also always favored fixed-rate mortgages over more enticing but perilous variable-rate loans. The French real estate market is slowing...
Asian stock markets posted sharp gains Sept. 19 as investors grew more confident that stepped-up government efforts to contain the damage caused by the U.S. credit crunch would be effective. Japan's benchmark Nikkei index was up 3.8%, Hong Kong's Hang Seng 9.6% and the Shanghai stock index shot up 9.5%, recovering some of the steep losses suffered earlier in the week...
...because what analysts call "house-price appreciation" would increase the value of the collateral if borrowers couldn't or wouldn't pay. The idea that we'd have house-price depreciation - average house prices in the top 20 markets are down 15%, according to the S&P Case-Shiller index - never entered into the equation...
...Monday, the Dow registered its largest fall since the first day of trading after the Sept. 11 attacks. The S&P 500 index, a broader index which typically is less volatile than the Dow, is down 7.6 percent this week...
...gravitate first to Shanghai, not Beijing. Still, the last couple of years have not been kind to the city. A cancerous corruption scandal, uncovered by the overlords in Beijing, claimed Shanghai's Communist Party boss and a substantial portion of the city's ruling elite. Shanghai's benchmark stock index has plunged to its lowest point since late 2006, and even the Japanese developer of the Shanghai World Financial Center admits that a real-estate slide has affected tenancy, with just 45% of the tower currently occupied. The hosting of the Olympics by Shanghai's northern rival only added insult...