U.S. housing collapse spreads overseas - - by Mark Landler
In Ireland, Spain, Britain and elsewhere, housing markets that soared over the past decade are falling back to earth. Experts predict that some countries, like Ireland, will face an even more wrenching adjustment than the United States, with the possibility that the downturn could turn into wholesale collapse. To some extent, the world's problems are a result of American contagion. As home financing and credit tighten in response to the crisis that began in the U.S. subprime market, analysts worry that other countries could suffer the mortgage defaults and foreclosures that have afflicted California, Florida and other states. Citing the far-flung reverberations from the American housing bust and credit squeeze, the International Monetary Fund cut its forecast Wednesday for global economic growth this year and warned that the malaise could extend into 2009.
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