Part 8/13:
While home sales decline, multi-family construction continues robustly, with over 1.7 million units under construction in September. This persistent building activity suggests expectations of future demand or a lag in adjusting to falling prices.
Construction duration has lengthened, and historical data reveals spikes during past crises (notably 2008-2009), hinting at potential systemic issues ahead.
Regional Snapshots: UK, Australia, Canada, and Germany
United Kingdom
The UK’s market has experienced significant pain:
Real estate returns since 2002 are high (~140%) but appear peaky and overvalued.
The country faces a severe fall in living standards, driven by stagnant wages and inflation.