This morning Bloomberg reports that the U.K. Housing Market is Worst Since 1992 in December (Update3) :

"U.K. real-estate professionals said December was the worst month for the housing market since the aftermath of Britain's last recession in 1992.

The number of real-estate agents and surveyors saying prices fell exceeded those reporting gains by 49.1 percentage points, the Royal Institution of Chartered Surveyors said today in London. That compares with 40.6 points the previous month. In the capital, confidence in prices fell to the lowest since 2003.

An end to the U.K.'s decade-long housing boom may threaten economic growth as falling home values discourage consumers from spending."

This just serves to reiterate what some of us have been pointing out for many months. Asset bubbles created by the credit boom of 2002-2006 are worldwide. Their popping will be global and synchronous. To all those merrily singing the global-growth-will-save-us tune, I can't help but think of our heroine Trinity in the Matrix when I say, "de-couple this."