CNN BUSINESS | People are panic buying homes as prices skyrocket around the world
It wasn’t long ago that real estate experts were
bracing for the worst.
The coronavirus pandemic had sent large parts of the world into lockdown,
shuttering businesses, costing tens of millions of workers their jobs and
putting the housing market into a deep freeze. The number of people asking
lenders for more time on their mortgage payments surged as the global recession hit.
“This time last year we thought it was going to be 2008 all over
again,” said Kate Everett-Allen, the head of international residential
research at real estate consultancy Knight Frank.
The fear was that house prices would collapse, as they reliably had done in
past economic downturns. An increase in bankruptcies and unemployment would
squeeze disposable incomes and make it difficult for highly indebted homeowners
to keep up with their mortgages. —read
more—
Leave a Reply