Here Comes The Housing Bust "Reverse Wealth Effect," (AU, UK and CA kick into full downswing)

It has found what many had been predicting: prices are dipping as interest rates are rising, with our biggest cities feeling the winds of change most keenly.

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The above chart shows that the UK -- which had an epic housing boom along with, not coincidentally, one of the world's most extreme consumer credit bubbles -- now has falling home prices. Australia just tipped into negative territory with Canada right on the cusp.