Both trends were largely powered by the Fed. The central bank pulled interest rates close to zero and started buying Treasurys and mortgage-backed securities in March 2020 to bolster financial markets and encourage spending.
The Fed led the way, and similar outlooks from other central banks saw such activity spread around the world. Global home prices rose at the fastest pace in four decades and show"little sign of stopping," JPMorgan economists led by Joseph Lupton said Monday. Intense home-price growth emerged in the US, Turkey, Russia, Korea, Australia, New Zealand, Brazil, and Czechia, they added.
That surge brings new risks to central banks already in crisis mode, JPMorgan said. For one, leaping home prices could lift housing-service prices and drive inflation to uncomfortable highs. "With the Global Financial Crisis still fresh in central bank thinking, the ongoing surge in house prices with little sign of abating adds to the risk of an earlier removal of monetary policy supports," the team added.around how easy money is affecting the housing market.
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