A house price slump is coming. Rising unemployment could make it much worse | CNN Business

Last year, Auckland’s largest real estate company couldn’t sell properties quickly enough to meet demand in New Zealand’s biggest city. Houses were “flying out the door,” said Grant Sykes, a manager at real estate agency Barfoot & Thompson. “There were chin-dropping moments when agents stand around the room and are gobsmacked at the prices being achieved,” he told CNN Business.

In the United States, sales of existing homes were down by more than 28% year-over-year in October, the ninth consecutive monthly decline, according to the National Association of Realtors. Mortgage rates in 25 major cities around the world tracked by UBS have almost doubled on average since last year, making house purchases much less affordable.

Stop making it sound like it’s a once in a lifetime thing. Housing Prices have been too high for the last 10 years. These cheap 2x4 with crappy plywood houses shouldn’t cost more than 300k. Plus increase in interest rates was made for this correction yet prices are still too high

Hey CNN - have you noticed your engagement plummeting since you became minifox?

Yeah and I still pay $137 for large cucumbers! Ridiculous!

Means lower taxes

The news is very good.

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