On Sat, 27 Jul 2002, Peter K. wrote:
> Correct me if I'm wrong, Japan had a real
estate bubble > which popped and caused all sorts
of problems.
Corporate real estate, especially speculative buildings in the downtowns; lots of builders and construction firms went to the wall. Japan never had an actual housing bubble, in the sense of too
many private homes.
- -- Dennis<<
I think starting with P.M. Miyazawa (he of the 'lifestyle superpower' motto) the national government got into financing home building in a major way, and all during the past dreary decade Japan has experienced something of an on and off housing boom. Certainly, home ownership among upper working class, lower middle class expanded.
Key differences between US and Japan: Japan's (with total landmass about the size of Montana) urbanization is much more concentrated for the most part, and it has usable land about the size of the state of Ohio (that means land for all human activities including growing rice, growing cedar trees, pachinko parlors, houses, buildings, etc etc). But it has a population of 127 million that will probably peak soon at 130 million.
Some 'homeowners' did get caught up in the real estate bubble in places like Tokyo. They borrowed money to get part ownership of golf courses. They borrowed money to buy a second condo. And the like. And they got burned horribly when it all crashed.
CJ
__________________________________________________ Do You Yahoo!? Yahoo! Health - Feel better, live better http://health.yahoo.com