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  1. Gingerman Giant says

    “And the comparison between the way industrial output failed to recover,
    while construction output really took off is another warning signal.”
    Renewed construction is a sign of health, not one of alarm. The reason Finland avoided a housing bust is that there’s a major housing shortage in Finland’s cities. The shortage was exacerbated in 2009 by the financial crisis drying up credit for construction companies. If you were looking for a three-room apartment in the capital region (Helsinki, Espoo & Vantaa) in 2010 then for most of the year you could literally count the units on sale on the fingers of one hand. The best way to get prices down is to build more and that’s what’s
    being done.

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