Weakening British pound and Euro

The Euro & Sterling will continue heading south as will emerging market currencies. US investors continue to liquidate their foreign holdings and bringing those investment dollars back to the US. The entire global trade that propelled those currencies to bloated valuations is unwinding and doing so hard. Investment classes are experiencing redemption city!

Remember all the talk about carry trades? All this garbage is being unwound as "return of capital" (as opposed to return on capital) becomes the investment theme.

In addition, the UK and EU banking system is in a very sad sate of affairs & perhaps worse than ours. The difficulty and expense of obtaining a loan across the pond to finance foreign RE investments (as in the US) must be fairly prohibitive just about now. I believe 5 European banks were bailed out last week alone.

I don't know about actual data but one thing is certain. Global recession (a serious one), combined with very tight lending standards and a weak currency trend, are not positive developments for those hoping foreign investment funds to prop up US RE markets. BTW, the Euro was initially set at around a 120/US rate and I don't recall much investment at that time.