If you are one of those , who bought a house in the recent housing boom, say in the Old Mahabalipuram Road in Chennai or say in the Sillicon Valley in the US, according to Greenspan it is all related. In an interview to the NY Times, he says - “The housing boom is not an American phenomenon — it’s a worldwide phenomenon. The evidence is quite overwhelming that what we are going through is a consequence of the fall of the Soviet Union and the shift of a billion workers from central planning in to the labor market.”The United States was only one of 40 countries that experience a housing boom after 2000, he said, and all of the booms were driven in part by low interest rates.
“If you line up all the major developed countries and all the developing countries, leaving out the Zimbabwes, inflation rates were all in single digits. This is utterly unprecedented, there is no history like this. And the consequence was a fairly dramatic decline in real interest rates, which created dramatic housing price increases around the world.”
Well well … Now I want to know Mr. Greenspan what happens in the future?
For the moment, with a huge “home loan” I am “home alone” and waiting for the answer 
Shout backs...