Housing booms turn to economic bust – MoneyWeek

Housing booms turn to economic bust – MoneyWeek

Housing booms turn to economic bust – MoneyWeek

Therothasspreadaseurozoneinterestrateshaveremainedhigh,withrisingunemployment–alongwithinflation–causingaslumpinretailsales。

TheresahighlikelihoodthatSpaincouldbeinrecessionbytheendoftheyear,saidoneanalyst。

First-quartergrowthwasjust0。

3%。

TheendofIrelandsboom

InIreland,whichhadasimilarhouse-priceboom,aproperty-leddownturnisalsospreading,asCapital?

Econmoicsnoted。

First-quartergrowthshrankby0。

2%asconstructionslumpedby9%fromthepreviousquarter。

Unemploymenthasedgedupto4。

8%andslumpingconsumerconfidencebodesillforspending。

InNewZealand,theolddriversofgrowth,easyaccesstocreditandincreasinghousingwealth,havedissipated,saidCommonwealthBanksChrisTennant-Brown。

Growthcontractedby0。

3%quarter-on-quarterbetweenJanuaryandMarchandissettoshrinkfurtherinthesecondquarter,fulfillingthetechnicaldefinitionofarecession。

Denmark,wherehousepricesmorethandoubledbeforepeaking,isalreadythere–withnegativegrowthlatelastyearandearlythisyear。

ItsthefirstEuropeancountryinofficialrecession。

AsGillesMoecofBankofAmericaputitonReuters。

com,whosinnedbyhousingispunishedbyhousing。

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