From Seattle to Sydney to Stockholm and Auckland, homebuyers are getting squashed by financial pressures as the world’s hottest housing markets face a painful rest. Losing its froth: Buyers are pulling back as central banks raise interest rates, pushing down house prices. Property markets like Australia and Canada face double-digit declines and economists believe the global downswing is only getting started. Variable risk: In the US most buyers rely on fixed-rate loans for as long as 30 years. Jensen also asserted that the US is at the center of a global financial bubble, and therefore it’s the country most at risk of massive fallout when it inevitably bursts.

Source: The Guardian September 18, 2022 18:31 UTC