House prices in several countries collapsed during the years 2007 - 08, marking the beginning of a global financial crisis. Since then the IMF's Global House Price Index took a brief dip but now is above the level it was before the crisis.
Does that mean there will be another fall in house prices again?
Excessive credit growth was the driver behind many of the past housing booms. But this time around it seems to be supply constraints that is driving the boom. Since the last crisis, national and international regulators have been vigilantly monitoring the housing price booms and have been using macroprudential measures to manage them.
