I’m Mary Walden with economist MW welcoming you to the economic perspective. Today’s program looks at international home prices. Mike, most experts say the Great Recession of 2007-2009 was prompted by the massive decline in housing prices, something that had never occurred. This price decline didn’t just happen in the U.S., instead it was a worldwide collapse. How do international housing prices look today?
Mike: Summary Answer
- Most have recovered
- US housing prices are almost back to their pre-recession levels
- Same in countries with comparable data
- But some interesting trends
- Biggest home price fluctuations in past 20 years have been in Ireland
- Smallest home price fluctuations have been in Germany
- Canada has had the most consistent rise in housing prices, barely seeing a drop during the Great Recession
- At the other end of the spectrum, Italy has yet to see a housing price recovery
- I’m MW
And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.