Sunday, August 14, 2011
Government under pressure to deflate house bubble
Surprised this hasn't been covered on this blog. Tens of thousands of Israelis have been protesting for several weeks against high house prices, leading to the government announcing measures to try to deflate the housing bubble, including a massive building project and increased property taxes. Hard to imagine Britishers demanding the same - we seem to be programmed to view high house prices as a good thing, even though it means we get yoked to ever-higher mortgage debts just to get a roof over our head.