Buoyed for the previous decade by absurdly high inflows of globally generated credit that created false booms, they suddenly found their overconfident banks had wildly lent too much.
Australians and Chinese - who both hail from countries that are experiencing bubbles - account for 42percentt of these foreign buyers, which means that the false prosperity booms in Australia and China are spilling over into New Zealand's housing market.
About 200 of the brownstones involved are in Harlem, where their purchase and planned renovation helped create a false sense of a housing boom.
Paul Miner, senior planning officer for the campaign group, said: "In times of economic slowdown, politicians can sometimes be tempted by the false promise of an easy construction boom.
Nearly 200 of the homes are in Harlem, where they have helped to create a false impression of a real estate boom.
"In times of economic slowdown, politicians can sometimes be tempted by the false promise of an easy construction boom.
We regret to report that, while the data quality in Liaoning seems acceptable, the officials of the local statistical bureau admitted that they used false data to fabricate nonexistent economic booms.
A false prosperity ensued in which the wool trade boomed, but so also did enclosures with all their explosive potential.
Paul Hawken, an author and longtime environmental activist, said the current boom in earth-friendly products offers a false promise.
