The real problem for the economies of the US and UK are the very high levels of personal debt. In the last decade people borrowed as if there was no tomorrow. Banks allowed it it happen because greed was good and their brains were somewhere else. Now the consequences of this credit binge will take a decade or more to work through their economies.
Europe does not have such high levels of personal debt but governments do. They borrowed to appease their populations unrealistic expectations of social welfare and public sector employment.
This debt pile and it’s service costs have to be repaid. It will take a generation of austerity and government resolve to achieve it. Throwing more money at the problem simply makes it worse and only marginally slows the inevitable. With the demand side of all western economies in terminal decline because of the debt mountain the prospects for any improvement are bleak.
Do not look for a significant recovery in the housing markets. It’s not going to happen. At least for many years to come. Property has become just somewhere to live, second homes a luxurious and unsustainable burden. The party is over.