Foreclosure data is different from housing prices - which can be seen here: http://www.ritholtz.com/blog/wp-content/uploads/2011/11/Sept09_CF1.jpg http://www.r

Foreclosure data is different from housing prices - which can be seen here: http://www.ritholtz.com/blog/wp-content/uploads/2011/11/Sept09_CF1.jpg http://www.ritholtz.com/blog/wp-content/uploads/2011/11/Sept... I agree with you about China - different structure - but this chart shows how the bubble spread throughout Europe.