I came across this interesting article talking about the Russian mortgage market, and how it may (or may not!) be effected by the sub-prime collapse here in the United States. It's pretty interesting stuff if you follow mortgage news.
In other news, a somewhat-not-as-dark-as-the-rest-of-the-market-sort-of-bright spot in the market is smaller, trendy homes. As a response to the retail credit squeeze, builders are shrinking down both pricetags and floorplans, hoping to make up the difference in volume...
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