Housing prices are soaring in Australia, Canada, China, Hong Kong, Israel, Singapore and South Africa; and house prices are felling for a few years for  United Kingdom, France, Germany, Ireland, Italy and the United States.
    President Fisher (Stanley Fischer), Bank of Israel, said that for those countries with not seriously damaged financial system, house prices are still rising rapidly. This is because when the government sharply cut interest rates to cope with crisis, mortgage rates fell rapidly, it will be a corresponding credit to buy a house, thus pushing up prices, or a bubble. Especially for those countries evacuating funds from the United States, Europe and Japan where banks are constantly lending, people are having large-scale consumption, while housing prices are climbing, it is not alone in emerging markets. For example, Canada commercial banks, although they are little affected by the financial crisis, but the Bank of Canada (Bank of Canada) is keeping the interest rate at stimulate rate of 1% (lowest point in history). The result of this is that house prices in Canada in February of this year rose by nearly 9%. Now, Canada and other countries are concerning that the rising house prices may fall, and numerous historical experience is sufficient to indicate that falling house prices will bring serious harm to the economy.
    Israeli banks didn't invest much in U.S. subprime mortgages too, so they escaped the most severe financial crisis, but didn't get spared the impact of foreign economic recession. The central bank had to cut interest rates in 2009 to 0.5%, mortgage costs will fall, housing prices in Israel rose by 16.3% over the past year. Bank of Israel said that house prices will continue to rise rapidly and may threaten economic stability, but also may lead to the property market bubble. Mortgage interest rates will make borrowing costs rise, this is what the president of the bank is committed to, who recently increased the central bank's benchmark interest rate to 3%.

    But like many other central bankers presidents, Fisher knows that currency appreciation is a side effect of raising interest rates which can also impacting export industry of Israel. Therefore, Fisher is looking for more targeted ways to control the prices. Bank of Israel has begun to implement regulations aiming to increase the mortgage. So far, these provisions relate only to those whose down payment less than 40%, with amount of more than 80 million shekels (about $ 235,000), but no indication that the Bank of Israel will remove this requirement.
   In the regulation of prices, Israel is not a maverick. Hong Kong, China average house prices soared 30% following the 2009, and in 2010 rose more than 20% and for the first two months of this year, it has risen by 7%. Not long ago, Hong Kong Financial Secretary John Tsang warned that now ample liquidity and low interest rates will not last forever, house prices will not rise indefinitely. For relevant authorities to cool the property market, is urging banks to tighten mortgage lending, raising the minimum down payment, buying and selling homes and increase the tax to a maximum of 15%. Singapore is doing the same with Hong Kong, Singapore, putting tax on houses sold less than 3 years of usage.

     Some large countries have experienced a property bubble, which triggered the biggest financial crisis in half a century. To avoid recession, these countries implemented a policy of easy credit, liquidity flooded the world, other countries may generate a new real estate bubble. No one ever said that globalization is an easy task.