Why housing meltdown occured in US?

I came across this very useful paper from BIS economist Luci Ellis. The basic premise of the paper is that prices had appreciated significantly in most economies, then why did the crisis start at first in US?  Though the housing prices had started correcting in many regions like UK, Spain the main questions till remains. Why US and not some other economy. The author answers this question very neatly. The abstract says it all: 

The crisis enveloping global financial markets since August 2007 was triggered by actual and prospective credit losses on US mortgages. Was the United States just unlucky to have been the first to experience a housing crisis? Or was it inherently more susceptible to one?

I examine the limited international evidence available, to ask how the boom-bust cycle in the US housing market differed from elsewhere and what the underlying institutional drivers of these differences were.

Compared with other countries, the United States seems to have: built up a larger overhang of excess housing supply; experienced a greater easing in mortgage lending standards; and ended up with a household sector more vulnerable to falling housing prices. Some of these outcomes seem to have been driven by tax, legal and regulatory systems that encouraged households to increase their leverage and permitted lenders to enable that development. Given the institutional background, it may have been that the US housing boom was always more likely to end badly than the booms elsewhere.

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