The rich world’s housing crunch is far from over

At times during the long boom that followed the global financial crisis of 2007-09, it seemed as if house prices would never stop rising. Sales surged as ultra-low interest rates and supply shortages boosted competition for properties. Things are very different today. In countries across the rich world, from America to New Zealand, sales have cratered, as central banks embarked on the sharpest monetary-policy tightening in four decades. In many markets prices are now heading in the wrong direction, too, at least from the perspective of homeowners.