From Lehman Brothers to Evergrande: Is Another Housing Crisis on its Way?

Levent Sümer ()
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Levent Sümer: Boğaziçi University

Chapter Chapter 1 in The Global Housing Crisis, 2024, pp 1-15 from Springer

Abstract: Abstract Housing prices have steeply increased in the last five years. The inflation and interest rates are still high on the western side of the world, including in the US and Europe. The land is expensive, construction costs are high, and the wages are not satisfactory enough to afford a house. Financing is costly for both home builders and homebuyers. Renting or buying dilemma is not even a case for millions of people. Income inequality and political instability are the problems of Africa. Affordability is a crucial problem everywhere. On the other hand, East Side, especially China, is struggling with deflation and declining prices, bankruptcy, and financial distress of real estate giants are belling the alarm clock. This chapter outlines the global housing industry's general situation from Lehman Brothers’ bankruptcy to the collapse of Evergrande and summarizes the sustainable solutions offered.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-72604-0_1

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DOI: 10.1007/978-3-031-72604-0_1

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