South Korea’s housing crunch offers a warning for other countries
A bizarre rental system is not helping
✒ Conclusion by The Economist:
Most countries are not as exposed as South Korea. But some, including Australia, Canada, the Netherlands, Norway and Sweden, share the same mix of high household debt and frothy property prices.
All began raising rates after South Korea, and have further to go before the pressure feeds through. They are in for a rocky ride.