by Calculated Risk on 4/02/2008 02:25:00 PM

Via CNNMoney: U.K., Spain housing markets face major corrections - S&P

Standard & Poor's Ratings Services said Europe's housing markets are finally, and overwhelmingly, turning down.

'And in those countries where the housing bubbles have been expanding for longer, Standard & Poor's believes the corrections could be severe and painful,' the agency added.

The article notes that the price-to-income level is at a record high, and household debt is at "unprecedented" levels compared to GDP. Sounds familiar.