We could probably see a correction in Sinkeeland as well. 
http://au.biz.yahoo.com/090205/33/24fy3.html
US housing slump may deepen, affect other countries: IMF
Friday February 6, 2009, 4:44 am
Click to enlarge photo
WASHINGTON (AFP) - The International Monetary Fund warned Thursday that the US housing downturn may deepen and last longer than previously forecast, and the slump could spread to other countries.
In a report to the Group of 20 developed and developing countries, the IMF said that house prices in the US and other countries could continue to plunge through 2010 as unemployment rises amid the global economic slowdown.
"In the United States in particular, there is a risk of deeper and more prolonged housing correction, as labor markets deteriorate further, mortgage financing remains restrained and foreclosures rise steeply as the 'negative equity' problem in housing spreads," the multilateral institution said.
"There are risks that house price declines could intensify in other advanced economies and also spread to a broader range of countries, particularly if the availability of housing finance is squeezed through adjustment in the financial sector," it said.
The report was prepared for a G20 meeting held in London on January 31 and February 1 ahead of a G20 summit in the British capital on April 2.
http://au.biz.yahoo.com/090205/33/24fy3.html
US housing slump may deepen, affect other countries: IMF
Friday February 6, 2009, 4:44 am
Click to enlarge photo
WASHINGTON (AFP) - The International Monetary Fund warned Thursday that the US housing downturn may deepen and last longer than previously forecast, and the slump could spread to other countries.
In a report to the Group of 20 developed and developing countries, the IMF said that house prices in the US and other countries could continue to plunge through 2010 as unemployment rises amid the global economic slowdown.
"In the United States in particular, there is a risk of deeper and more prolonged housing correction, as labor markets deteriorate further, mortgage financing remains restrained and foreclosures rise steeply as the 'negative equity' problem in housing spreads," the multilateral institution said.
"There are risks that house price declines could intensify in other advanced economies and also spread to a broader range of countries, particularly if the availability of housing finance is squeezed through adjustment in the financial sector," it said.
The report was prepared for a G20 meeting held in London on January 31 and February 1 ahead of a G20 summit in the British capital on April 2.
