This day will definitely go into the research that I mentioned the day before. The DAX dropped by more than 100 points! However, the trigger was not the soccer world cup. North Korea tested its missiles (on the independence day of the US - a clear provocation) and US interest rate fears contributed to a stronger dollar, higher crude oil prices and an increase in gold and a drop in stocks and bonds.

Rate expectations increased and the housing market is cooling off. I remember a few comments by market participants where they have stated that a cooling down of the housing market was possible as was observed in UK and Australia. I am not so sure about whether that analysis was correct. Inflation will most likely increase above expectations since commodities prices are not decreasing yet. Growth in the US has been incredibly strong (above 5% for quite some time) pushing the unemployment rate below 5%. There is still a lot of demand pull inflation pressure to come. And if the Fed continues to be an inflation hardliner (I am wondering when the market understands, whether Bernanke is a hawk or a dove) rates are poised to rise. That would definitely bring down the housing market. Furthermore, the other housing "bubbles" are not absolutely comparable to the US one. Global rates were low then. Now they are increasing (except for Japan).
The measures taken by India and China to cool down home price increases also let one think that this asset class has the potential to run out of control (boom/bust) on a global scale.