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This could never happen in America...

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October 04, 2010 – Comments (0)

"Oct 4, 2006: The US will speed up the introduction of a trial property tax in some cities and then expand the levy to the whole country to curb rising real estate prices, the government said, without giving a timetable.

The state also asked commercial banks to stop offering loans to buyers of third homes and extended a 30 percent down payment requirement to all first-home buyers, according to a statement posted on the government website. The down payment level previously applied only to homes larger than 90 square meters (969 square feet).

“The new measures are not dramatic, but they convey a clear policy message: Washington is serious about controlling the property prices,” Qu Hongbin, a Hong Kong-based economist with HSBC Holdings Plc, said in e-mailed comments today. “This should help damp the expectations” that housing prices will rise quickly, Qu said."

Oh well, I must have confused USA with China.  

 http://www.bloomberg.com/news/2010-09-29/chinese-government-to-speed-up-property-tax-introduction-to-cool-market.html

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