Housing Slump From US to China Adds Risks to Global Economy
- Price declines are persisting in Australia and New Zealand
- Slowdown stretching to Singapore, while Hong Kong may rebound
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Shaky property markets across much of the world pose another risk to the global economy as higher interest rates erode household finances and threaten to exacerbate falling prices.
Reports this week have shown the US housing slump stretched into a fifth month, China’s home sales slide continued and price declines persisted in both Australia and New Zealand. In Britain, prices are now in their worst losing streak since 2008.