Yes, I heard about that. Also in regard of property prices in the US. From what I know, buying a house is much more common in the US than it is in Germany. But the price bubble for property, plus the deteriorating income value in a big part of the population, makes it impossible for many to handle the neccessary mortgage payments. Resulting in foreclosures and bancrupted families.
I always wonder why people are so eager to live in the big cities. True, there are more jobs, but also much more people looking for a job. And the pay is not really so much better, either, not enough to make up for the higher expenses.
RE: The smallest NYC apartment I have ever seen.