While the information released in the USA this week revealed that the shrinkage in the housing sector has moved to the fifth month, housing sales in China decreased, and housing prices in Australia and New Zealand decreased.
The decline in residential values risks negatively impacting Consumer Confidence and undermining investment.
The rise in mortgage rates in the US last year caused a cooling in the housing market, causing the highest annual decline in previously owned home sales in more than a decade.
A drop in prices is assumed
New home sales in China fell 32.5 percent in January compared to the previous year, according to preliminary data released by China Real Estate Information Corp. on Tuesday. Authorities have taken steps to facilitate financing for construction companies that have suffered from cash gloom in recent months, trying to support the branch.
In New Zealand, economists expect house prices to fall further, by at least 20 percent of their late 2021 peak in early 2024. underthey predict will happen.
