By Cary Springfield, International Banker

 

This article was originally published in the Winter/February 2021 edition of International Banker

It is safe to say that the majority of financial markets experienced unparalleled levels of turbulence in 2020. A global pandemic caused a sharp worldwide economic contraction, leaving a spate of global markets decimated—in many cases, both demand and supply were severely affected. The devastation has been nowhere as apparent as it has been in the United States, where the virus continues to wreak havoc, with the daily death rate remaining well above 3,000. But although most US markets endured bearish periods during 2020, the real-estate market was one of the few to experience continuous sustained growth, as house prices rose consistently throughout the year.

Of course, house-price appreciation in the US is nothing new. Since January 2012, prices have risen almost continuously by around…

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