Housing. Resilience or Froth.
It’s been 9 months since the Fed embarked on its rate hike cycle, and the S&P 500 has dropped by more than 15%. US credit card debt has ballooned from USD 846 billion in April 2022 to USD 963 billion as of October 28, 2022. With all signs pointing to a recession (in the US only, never Singapore of course), it’s amazing that market positioning and sentiment has remained so resiliently optimistic. The property market in Singapore is a case in point – exhibiting phenomenal divergence in transactions, price and rental rates. It looks bleak enough in the US, but surely Singapore is insulated some say?