House prices suffer steepest fall since global financial crisis

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House prices around the globe are falling at their fastest rate since the global financial crisis, data published today (August 31) by the Bank for International Settlements shows.

Worldwide, real house prices declined 3.3% year on year in the first quarter of 2023. Prices last contracted by that much in 2009, when the global economy was still grappling with the financial crash.

Prices are falling faster in advanced economies, where the decline was 5% in Q1. Emerging markets tended to see more

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