In the past 4 years the market was fuelled by cheap interest rates and stubborn housing buyers & sellers thinking that there is only one direction for the price, going up - the sky being the limit. And of course, also fuelled by the media & bankers - the devil being in the details...
Now, the main question is for how long the correction will last..
I think this time it is different that 1990's (short, abrupt correction then massive and persistent recovery ) - it looks more like a japan style housing scenario - a painfully long drop of prices over two decades?
At the end, we are entering an era where elderly will rule the kingdom :-), as Japanese did in the early 90's- a situation that saw their housing market peaking.
Also , the only chance for Finland is immigration, but immigrants come for jobs, would Finland be able to attract enough of them? I have some doubt unless there is an economical shocks somewhere in the southern Europe or in neighbours countries :-) - there is , but it is temporary, I think those countries are restructuring themselves (economically & politically), like a phoenix they may arise from ashes....unless they don't...then...
While at the same time beyond the Turku region, far away in a land conquered half a century ago, an important event is unfolding: The US central banker blinked eyes, and spoke of reducing its artificial monetary support which sent interest rates in the north direction and scared the stock markets around the world.
I think, without being superstitious, 2013 is the turn around in this century :-) (boom boom)
