Indeed, with a few exceptions (essentially Germany and Japan), housing prices have risen almost everywhere to levels never seen before. How could such a global pattern emerge when real estate is the most local of all assets?
&#160;&#160;&#160; 确实，除了德国和日本等几个少数国家外，几乎所有地方的房地产价格都达到了前所未有的高度。房地产是所有资产中最为具有地域限制的，这样的全球性模式又是如何形成的呢？