Bubbles recur, especially in real estate, because this reflexive relationship is repeatedly ignored.

With so much excess capacity in real estate, confidence will not recover to its pre crisis level anytime soon, regardless of what is done to the banking sector.

Until recently, the Spanish authorities maintained that the problems in their country s real estate sector were temporary.

Still others highlight the role that the political system played in inflating the banking sector and real estate prices, particularly the sub prime sector.

Frighteningly, the new Japanese government is still trying to deal with the aftermath of the country s two decade old property bust.

The legacy of excess real estate capacity and over leveraged households makes recovery all the more difficult.

The Treasury has asked for authority to purchase 700 billion of mortgages to get them off of the private sector's books.

Market fragmentation in the more diversified economies is often due to intraregional investment priorities in non tradable sectors, particularly real estate.

The government may also need to consider injecting funds more directly into the mortgage sector while the private sector reconstitutes itself.

Given that it is in local governments interest to maintain high economic growth rates, many are borrowing to fund large scale investment in real estate and infrastructure projects.

And, with banks balance sheets having been strengthened, it will be possible to restructure mortgage debts, bank debts, and other private sector debts without destabilizing financial systems.

The housing recession the worst in US history and worsening every day will eventually see house prices fall by more than 20 , with millions of Americans losing their homes.

The Right Weights for Mortgage Risks

Occupy the Mortgage Lenders

So far, the sub prime crisis has had a limited direct impact on Latin America s mortgage markets.

Losses are spreading from sub prime to near prime and prime mortgages, commercial mortgages, and unsecured consumer credit (credit cards, auto loans, student loans).

The financial sector s inexcusable recklessness, given free rein by mindless deregulation, was the obvious precipitating factor of the crisis. The legacy of excess real estate capacity and over leveraged households makes recovery all the more difficult.

The Constitution, Land Law and Law on Marriage and Family provide for equal rights of men and women over land (See Article 15).

China s real estate investment accounted for 10 of GDP, and slower investment growth in the sector necessarily reduces import demand, directly and indirectly.

A large proportion of real estate OFDI went to Europe (about 60 per cent), contributed by major hotel and property investments made by leading Singaporean firms.

As a result, mortgage brokers maximize their income by generating larger volumes of mortgages, as do the banks that package these loans into mortgage backed securities (MBS s).

In Mexico, all mortgages carry fixed interest rates, unlike the infamous exploding ARMs that left US homeowners ruing their choice of adjustable rate mortgages when interest rates rose. Mexican mortgages are indexed to inflation, but the state mortgage agency links that index to the minimum wage and makes up the difference if mortgage interest adjustments for inflation outpace wage growth.

Mortgage debts, too, must be written down.

After the subprime crisis erupted, mortgage and consumer debt was paid down by households either with their savings or by default.

But, thanks to the efforts of New York s attorney general, Eric Schneiderman, and others, serious discussion has started in the United States about an out of court mortgage settlement between state attorney generals and prominent financial sector firms.

Mortgages became more widely available.

Mortgage brokers were happy to get in on the act.

It was called securitized mortgages.

Land use right for women in rural areas

Unlike virtually every other country, US residential mortgages are effectively no recourse loans.

By the end of this year about 8.4 million US individuals with mortgages will be unemployed and unable to service their mortgages.

As for names in land use certificates, the State has concrete measures that ensure both wife and husband has names in land use certificate.

For example, the real estate lobby in the US obviously has no desire to see government support for housing diminish, despite the fact that the US probably has far more housing stock than it can afford.

In recent years, tight monetary policy and increasingly strict controls on the real estate sector have caused the growth rate of fixed asset investment to fall, from more than 25 annually before 2008 to around 20 today.

Indeed, the foreclosure rate is increasing.

The problem was not just sub prime mortgages.

Moreover, the US housing market appears to be stabilizing....Overall, the US mortgage market has remained resilient, although the sub prime segment has deteriorated a bit more rapidly than had been expected.

a rapid reduction of insolvent households debt burden, preceded by a temporary freeze on all foreclosures

(f) Convening workshops for capacity building in public private partnership development and management of public private partnership programmes

According to preliminary reports, annual investment growth in 2012 reached roughly 14 significantly higher than the GDP growth rate, which accelerated in the fourth quarter as a result of a strong rebound in investment in real estate and infrastructure.

On the basis of political and operational priorities, UNMIS has established a full time military observer presence in Juba (Sector I), Wau (Sector II), Malakal (Sector III), Kadugli (Sector IV), Ed Damazin (Sector V), Abyei (Sector VI) and Kassala (redeployment coordination headquarters).

The first run on a bank occurred against the British mortgage lender Northern Rock.

But mortgage markets remain underdeveloped in most emerging economies.

What is needed is a quick write down of the value of the mortgages.

In the fourth act, the real estate bubble will burst.