From Mish's Global Economic Trend Analysis:
On August 1, in India Housing Bubble Still Expanding I posted a series of charts by Deepak Shenoy, an economic blogger at Capital Mind in India.
Those charts showed the bubble in India was alive and growing. Here is one of the charts and a small bit of commentary ....
...The Bubble Bursts
On Wednesday, the Wall Street Journal reported A Housing Slump in India
The Orbit Grand, a block-size complex designed to have at least 26 floors of elegant apartments, an extensive array of ground-floor stores and abundant parking for the chauffeured cars of residents and shoppers, was supposed to be a diadem of India’s real estate market.......Panic Coming Up
Builders refuse to offer discounts for fear of starting a market rout, causing investors to panic in a self-fulfilling prophecy.
Yet, it's far too late to stop panic.
Moreover, the faster and steeper the panic, the better. Prices need to plunge to reasonable levels, and attempts to halt that process are counterproductive....MORE
