Homeowners in these countries are facing the greatest risk of defaults from steeper mortgage payments, says IMF
Economies where household debt is high are vulnerable to the impact of further interest rate hikes by central banks still in the process of trying to tame hot inflation, according to the International Monetary Fund.this week recounted that home prices worldwide jumped to record peaks during the COVID pandemic, but those booms have since reversed course, or price appreciation has slowed.
"Now, if borrowing costs keep rising or remain elevated for longer, demand and prices are likely to weaken further," wrote Nina Biljanovska, an economist at the IMF's research department. Luxembourg, Norway, Sweden, and the Netherlands were also ranked high, with the US just under those countries.
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