Real estate prices around the world have hit astronomical levels. People have been in a state of euphoria for a long period of time. Seeing home prices continue to escalate and many were feeling as if they’re not riding the wave of the unbelievable gains. So they went beyond their means and poured much more money into the system. Regardless of the price. But in the end, you can only tread water for so long.
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IMF Global Housing Watch
http://www.imf.org/external/research/housing/
BIS Statistics Explorer: Table H1
https://stats.bis.org/statx/srs/table/h1
Central banks, summary of current interest rates
https://www.global-rates.com/interest-rates/central-banks/central-banks.aspx
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