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Rising rates are making it harder to buy homes globally
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The US market is effectively frozen as homeowners with low rates are reluctant to sell and buyers are squeezed.
PHOTO: AFP
The shock that rippled through global housing markets as central banks rapidly raised interest rates has given way to a cold new reality: the real estate bonanza that fuelled wealth for millions of people is over.
Markets around the world are caught between sharply higher borrowing costs and a shortage of homes that is keeping prices elevated. That has made housing in many areas even less affordable, while property owners with resetting loans face increasing financial strain.
