China making same real estate mistakes we did - how it impacts U.S.

Housing prices in some cities doubled from just earlier this year. The housing market contributed some 20% of the national GDP in 2009. Sales of both new and old housing units are going through the roof (so to speak).

Have we just crossed over into The Twilight Zone?

Nope. But we have just crossed over into -- China!

I came across today an amazing article in the English language China Daily that I thought I would share with all of you, because the situation in China is the mirror image of what it is currently here in the U.S. However, you may note as we go on this short journey, some disturbing similarities between the housing market in present-day China and the housing market in this country a few years ago during the wild days of the housing bubble.