Is There a Pandemic?

A 15% drop in house prices in the US over a year would cancel out two thirds of the equity accumulated since the start of the pandemic. And so any millennials really in a lot of these overheated markets who finally managed to get on the property ladder during the pandemic, maybe in for a nasty surprise. The IMF has suggested that the government in New Zealand should think about some sort of state support. In Spain, banks are considering measures there. Of course, no government wants to see people lose their homes. It's also not great for getting votes. So many will be tempted to come to the rescue, essentially. Government debt will continue to rise.