House prices dropping fast

SEOUL: House prices in South Korea fell 1.98% in December from a month earlier, the fastest drop since data releases began in late 2003 and a seventh consecutive month of decline, according to data from the Korea Real Estate Board.

That follows a 1.37% loss in November and marked a 4.68% decline for 2022, turning around from a 9.93% gain in 2021, the board said in a statement. House prices were falling sharply around the world as central banks have quickly raised interest rates to fight inflation, cooling the economy and pushing up mortgage rates. — Reuters