Second, broadly speaking, real house prices across both sets of countries experienced no material upward trend from 1975 to 1995. Third, a generalized upward movement in house prices began in the second half of the 1990s and is continuing today, even after post-crisis corrections. Real prices remain well above 1995 levels for almost all countries.
First, the tightening bias at the global level that may derive from interest rate increases by the US Federal Reserve is, at least partially, countered by the persistent degree of accommodation pursued by the central banks of other major AEs, in what has turned out to be a divergent monetary normalization cycle in these countries.