Over the past year, the global economy has grown at its slowest rate since the financial crisis – a development that is exacerbated by the slowing of housing markets across the world. In 23 countries, inflation-adjusted housing prices grew only 1.8% in the third quarter of 2019, down from a peak of 4.3% in 2016. One reason for the slowdown is the affordability constraints of large cities around the world, making both domestic and international potential homebuyers weary of such an investment. Still, the decrease in prices is markedly different from the 2008 crisis, as household debt-to-GDP ratios are below pre-crisis levels.
Read more via the Wall Street Journal.