Home prices in the U.K. fell by 2.5% in May -- their steepest monthly decline in at least 17 years. According to the Nationwide Building Society, the drop in May was the worst since it started keeping track in 1991. Year over year, U.K. homes are down an average 4.4%… the worst decline since 1992.
The housing bubble that popped in the USA last year causing the financial problems which rippled throughout the world has finally showed up in the UK.
So remember there was was an old saying when the US sneezes the world catches a cold. Now when the US catches cold the world catches the cold also.
The US is starting to rebound but the world will play catch-up now.