Is this the Beginning of a Globalized Housing Downturn?

Wolf Richter,

Housing has became a global financialized asset class. The possibilities seemed unlimited. And this flow of money, along with local factors, has created enormous distortions in some markets. But the priciest markets are now starting to experience price declines. This includes the priciest markets in the US, Canada, Australia, the UK, Hong Kong, and others. So, is this the beginning of a globalized housing downturn? (13 minutes):