Given the rise in interest rates globally in 2022 and continuing into 2023, the housing sector is a major source of concern. I've argued that markets need to differentiate consumer spending outlooks for countries based on fixed/variable interest rates.
This is a great chart from BCA Research showing the share of adjustable rate mortgages and also highlighting high household debt.
In short, if you think there's a housing crisis coming to the US; expect armageddon elsewhere. I think a big surprise for the rest of the decade is how strong US housing remains.
