Less Housing Angst in Britain?

British homebuilders don't face an inventory glut like in the U.S., so the lending freeze likely won't cause a crisis. But shares have fallen about 40% this year

The U.S. subprime mortgage crisis has rattled banks around the world, putting the brakes on lending, while U.S. housing prices are down and sales of new homes have plummeted. In Britain, the specter of a 1930s-style bank run on collapsing lender Northern Rock (NRK.L) shocked regulators and consumers alike. And after a dizzying 15-year runup, the growth in British housing prices looks likely to slow this year, to 9%.

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