[PietdeVries]

Not sure how this would work outside the Netherlands where I live, but there seems to be a relation between the housing market and the interest rates...

We currently see the interest rates go up rather quickly. This has a great effect on your monthly mortgage payments, and (at least here) the amount of money the bank is willing to lend you.

While the EU had interest rates close to zero percent for the past decade, buying an expensive house was not a problem: your monthly payments for interest were almost zero. With the interest rate climbing, the number of people that still can buy this expensive house reduces significantly. And so the prices of the houses start dropping as well.

Of course, as long as you are happy with your house and all is well there is no problem. But when you get unemployed, decide to get divorced or otherwise have to sell your house but the bank still owns it, you have an issue. Where you bought it for 600.000, you now get 400.000 - and the bank really wants the 200.000 back...