Already battling slowing growth, capital flight, commodity price weakness and tumbling equity markets and currencies, emerging markets are facing another problem: falling residential property prices.
House prices across big Asian and emerging market economies have fallen about 2 per cent in the past year, their first slide since comparable data began in 2002, as the first chart shows.
In contrast, even the moribund developed economies have been able to achieve house price inflation of about 4 per cent over the past year, the strongest pace of growth since 2006.
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