Economics
The Housing Slowdown Could Become a Global Meltdown
Frothy prices in New Zealand, empty buildings in New York and a mortgage revolt in China have the capacity to make things much worse.
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Around the world, young people unable to buy homes because of stratospheric price increases are cheering the downturn in some housing markets. But they’d better be careful what they wish for: Frothy housing prices, empty office buildings and even a refusal to pay mortgages by many Chinese have the potential to turn a global economic slowdown into something much worse.