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House prices to fall, but not crash

Unlike in previous downturns, residential property has not been the root cause this time. Even so, house prices will not escape this recession unscathed. If policy support proves effective, if lockdowns hamper property sales, and if demand rebounds later this year, house price crashes are unlikely. But the risks to our forecasts for smaller-than-10% declines in house prices in advanced economies lie to the downside.

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