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Bursting Bubbles; The end of cheap money threatens local property bubbles from Seattle to Sydney. The bursts will rattle cocktail parties, but (probably) not the global economy.(Cover Story)

Newsweek International

| July 12, 2004 | Miller, Karen Lowry | COPYRIGHT 2004 Newsweek, Inc. All rights reserved. Any reuse, distribution or alteration without express written permission of Newsweek is prohibited. For permission: www.newsweek.com. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Karen Lowry Miller (With Adam Piore in New York, Craig Simons in Beijing, Avraham Karshmer and Ginanne Brownell in London, Jen Lin-Liu in Shanghai and Mac Margolis in Rio)

On a bitterly divided planet, there is still one subject that gets everyone talking in unison. From Seattle to Sydney, Dublin to Dubai, people are obsessed with housing booms that threaten to burst in bubbles. Londoners still buzz about Lakshmi Mittal, the Indian steel tycoon who in April bought a mansion in Kensington Palace Gardens for $128 million, making it the most expensive house ever sold. European football stars bid up the prices on an artificial island in Dubai before the first ...

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