How the housing market differs in US, UK and Australia

US' vulnerability of housing market to interest rate changes is to be yet seen. The new financial innovations in mortgage (ARM loans) have just increased the sensitivity of the housing market to the interest rate. Thus, the templates of UK and Australia are all the more applicable to the US housing market. I differ, though, with the authors of," Housing, Mortgages and Consumption - Comparing Australia, the UK and the US" - Morgan Stanley, article over this point. Nevertheless the findings are interesting to know.