In the United States, existing-home sales fell again in August 2023 (down by 0.7% compared with July), marking the worst property crisis for a decade. Over a year, sales fell by 15.3%. Since January 2022, house sales have plummeted by 36% and the situation could get even worse, with mortgage rates back above the 7% mark.
As is the case in China, when people buy fewer homes, D.I.Y. and building materials retailers suffer. The Home Depot (Q2 sales of US$49.3 billion) saw business fall by 2% year-o
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