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Higher Interest Rates Are Shattering Housing Dreams Around the World

The end of the property boom is diminishing homeownership as a path to wealth and deepening economic divides.

Homes under construction in Sacramento, California. Photographer: David Paul Morris/Bloomberg
Homes under construction in Sacramento, California. Photographer: David Paul Morris/Bloomberg
(Bloomberg) -- The shock that rippled through global housing markets as central banks rapidly raised interest rates last year has given way to a cold new reality: The real estate bonanza that fueled wealth for millions of people is over.
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