Daily: Dutch house price declines steepest on record

The accelerating decline of Dutch house prices puts the Netherlands into a group with the US, the UK, Spain, Ireland and the Baltics that have seen housing bubbles pop as a result of the Great Financial Crisis. Dutch house prices are now at levels last seen in 2004. Dutch mortgage to GDP ratios are well over 100%. The sub-prime nature of lending in the Netherlands is now coming back to haunt the country and causing a balance sheet recession, one reason the Dutch are having debt and deficit problems in the wake of the financial crisis
Other countries vulnerable to this kind of price action in housing in Europe are France and Denmark. Outside of Europe, Australia and Canada come to mind. When talking about the Canadian situation in April, I wrote this about the debt levels in the Netherland...

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