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Norway has second-biggest housing bubble

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Norway has second-biggest housing bubble
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10:31 CEST+02:00
The IMF has told Norway to act to deflate its housing bubble, which it warns is the second biggest in the world after Canada.
In its latest report on the oil-rich Nordic country, the fund  estimates that property prices are as much as 40 percent overvalued, up from 15 percent over-valued in 2011. 
“A large house price correction could significantly impact the economy, dampening consumption and residential investment," the IMF said. "The negative impact could be significant given the high level of household debt and the fact that a certain segment of households is heavily indebted with debt to income ratio higher than five.” 
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