Housing paralysis engulfs US buyers with prices starting to fall. Photo: Jeremy Erickson | Bloomberg
This week's blitz of interest rate hikes is unlikely to mark the end of a campaign by central banks to crush inflation even as they run the risk of driving their economies into recession. The biggest movers included Sweden's Riksbank, which surprised with a mammoth 100 basis-point hike.Indonesia was more aggressive than expected and Vietnam surprised with a rare tightening. In the US, the Fed's aggression has brought an abrupt end to the pandemic housing boom, with prices in decline and a looming paralysis in the market. Here's what's happening in housing markets in other parts of the world.