Rio's Hot Housing Bubble
{{#rendered}} {{/rendered}}In this May 23, 2012 photo, people exercising are reflected on the entrance of a beachfront apartment in the Leblon neighborhood of Rio de Janeiro, Brazil. Brazils burgeoning middle class is moving up in the world, into fancier high-rises. The discovery of vast oil deposits off the coast has flooded the city with renters carrying fistfuls of petrodollars. And property owners already are hiking rents in anticipation of Rio's upcoming mega-events, the 2014 soccer World Cup and 2016 Olympics. (AP Photo/Felipe Dana)
In this May 23, 2012 photo, Sugarloaf mountain is visible from an apartment in the Flamengo neighborhood of Rio de Janeiro, Brazil. Brazils burgeoning middle class is moving up in the world, into fancier high-rises. The discovery of vast oil deposits off the coast has flooded the city with renters carrying fistfuls of petrodollars. And property owners already are hiking rents in anticipation of Rio's upcoming mega-events, the 2014 soccer World Cup and 2016 Olympics. (AP Photo/Felipe Dana)
In this May 23, 2012 photo, Sugarloaf mountain is visible from an apartment in the Flamengo neighborhood of Rio de Janeiro, Brazil. Brazils burgeoning middle class is moving up in the world, into fancier high-rises. The discovery of vast oil deposits off the coast has flooded the city with renters carrying fistfuls of petrodollars. And property owners already are hiking rents in anticipation of Rio's upcoming mega-events, the 2014 soccer World Cup and 2016 Olympics. (AP Photo/Felipe Dana)
In this May 23, 2012 photo, a woman cleans the windows of a beachfront apartment bellow a sign that reads 'for rent' along Copacabana in Rio de Janeiro, Brazil. Brazils burgeoning middle class is moving up in the world, into fancier high-rises. The discovery of vast oil deposits off the coast has flooded the city with renters carrying fistfuls of petrodollars. And property owners already are hiking rents in anticipation of Rio's upcoming mega-events, the 2014 soccer World Cup and 2016 Olympics. (AP Photo/Felipe Dana)
In this May 23, 2012 photo, beachfront apartments overlook the ocean along Ipanema in Rio de Janeiro, Brazil. Brazils burgeoning middle class is moving up in the world, into fancier high-rises. The discovery of vast oil deposits off the coast has flooded the city with renters carrying fistfuls of petrodollars. And property owners already are hiking rents in anticipation of Rio's upcoming mega-events, the 2014 soccer World Cup and 2016 Olympics. (AP Photo/Felipe Dana)
In this May 23, 2012 photo, a view of Guanabara Bay is available from an apartment in the Flamengo neighborhood of Rio de Janeiro, Brazil. Brazils burgeoning middle class is moving up in the world, into fancier high-rises. The discovery of vast oil deposits off the coast has flooded the city with renters carrying fistfuls of petrodollars. And property owners already are hiking rents in anticipation of Rio's upcoming mega-events, the 2014 soccer World Cup and 2016 Olympics. (AP Photo/Felipe Dana)