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+1 Studying macro economic conditions is a nice hobby to have, but it won't necessarily affect your own personal micro economic reality. Only your own actions have the power to change your circle of influence.

They can take solace in the fact that house prices always go up..except for the times when they are going down. :o

For those of you that love charts, here is one from the economist.com that is interactive. It allows you to compare housing indexes from major economies. http://www.economist.com/businessfinance/displayStory.cfm?story_id=14438245&source=features_box4