Due to the globalized nature of the financial industry, many nations are hurting from the Subprime Mortgage crisis and mass of forclosures facing the United States. Western European nations such as the United Kingdom, Ireland and Spain   have been hurt particulary bad. Canada's housing market has also started to cool down. Other European markets such as France and germany may soon feel the effects of a housing downturn as well.

In terms of foreclosures, the UK has probably felt the biggest pinch.

This may be a good time to buy real estate in other parts of the world as this is truly a global housing correction with bargains to be had all over.