This morning's UK home price report came in at -12.7% year over year. Since this was an August report, this is relatively current compared to most of the US housing data that we've been issued.
The UK housing bubble popping may very well be louder than the one in the USA. That's very hard to imagine. But facts are what they are, and the race to the bottom of this cesspool of consumer leverage is heating up.
It is global this time, indeed.