Global News
What is global news?
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Title format
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URL format
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[Opinion] prefix
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Country prefix
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Anyone who has purchased a house previously, for living in not just speculation, would be affected. If you took out a loan to buy a home and the value tanks, and you have to move for whatever reason, selling the house might not be enough to pay off the loan. That's bad for the average person.
It says new home prices. The construction companies were over building homes and taking on substantial debt. This over building was driven by Chinese citizens seeking second and third homes as a savings asset.
New home prices dropping pulls down the prices of existing homes ... Why buy an old house if you can get a newer house for cheaper?