00:00How well real estate does determines how people spend their money with something called the wealth
00:05effect. And so far, it looks like the correction has already started. A typical house, for example,
00:09is now selling for less than the listing price for the first time in 17 months. And this spread
00:15of falling home prices is expected to reach over 184 cities by as much as 20% or more,
00:21and it's happening worldwide. Places like Canada, Australia, and New Zealand are expected to lose
00:2713, 18, and 21% respectively in 2023, according to research put out by Goldman Sachs. And
00:33foreclosures are already up 219% in the first half of this year as compared to the same time last year.
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