Two select quotes and five “lessons” from CNNMoney’s look at the U.K. housing market slowdown. Perhaps a little foreshadowing of what’s to come in the U.S.? And isn’t our market rationalization du jour all those wealthy Europeans?

“In these markets there is a herd instinct where people rush out to buy” [editorial note: moo]
“[T]he markets that are most risky are those where there is a higher proportion of buyers using adjustable loans and interest-only loans” [editoral note: uh-oh]

And the lessons:

1. Rising rates do take a toll
2. Speculators are a fickle bunch
3. Supply isn’t so limited after all
4. When the going gets tough, some foreclose
5. Housing woes affect the rest of the economy

· Lessons from the U.K. housing market [CNNMoney]

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