Houses under construction in Loughrea, County Galway, Irelan

IRELAND - AUGUST 31: Houses under construction in Loughrea, County Galway, Ireland, Thursday, August 31, 2006. In Ireland, where almost eight in 10 dwellings are owner-occupied, the frenzy for property is forcing many buyers to scrimp after prices quadrupled in a decade. The Irish central bank is warning about a potential collapse as interest rates rise, pushing debt costs higher. That may leave western Europe's fastest-growing economy vulnerable to a slowdown. (Photo by Sean Dwyer/Bloomberg via Getty Images)