It's a great time to buy in Japan!
The credit crunch is hitting Japanese developers and construction firms. The bottom is likely in (seeing as how they've already had some 18 years of lousy prices) so hurry and buy now before values skyrocket and price you out of the Honshu market!
http://www.bloomberg.com/apps/news?pid=20601087&sid=aA_o9wFBw0RE&refer=home
Bankruptcies in the real estate industry soared 79 percent in July as banks cut lending. Construction and real estate companies accounted for almost a third of all failures in Japan in July, according to Teikoku Databank Ltd., the country's biggest corporate-credit researcher.
Failures among property companies are having a knock-on effect on construction firms and banks with large loans outstanding to the industry.
``We still see real estate companies weakening and we expect the trend to continue for a while,'' RBC Investment's Takeda said.
The real estate industry had 43 bankruptcies in July, a 79 percent increase from the same month a year earlier, according to Teikoku.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aA_o9wFBw0RE&refer=home