House prices have come down by about 7%, which is not nothing, but it's not particularly dramatic. Banks don't seem to be worried about a surge in bad mortgages. They haven't loaded up on dodgy subprime securities like they did in the 2000s. And there's really no evidence at all that delinquencies or defaults are arising.
Much to the chagrin of hopeful first-time buyers, property prices remain stubbornly high across the West. Our correspondent explains why housing is defying the laws of financial gravity. A new diamond deal in Botswana risks jeopardizing the country’s sparkling record. And why a failed crop of peaches will not cripple America’s Peach State.
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