By Lisa Selin Davis | realtor.com
You have likely heard: The stock market of the world’s second-largest economy, China, took a nosedive last week, falling 11.5%, causing a panic among global financial markets, and losing nearly $10 trillion since a June 3 peak.
And for the ripple effect, Japan’s Nikkei closed 4.6% lower last week, Hong Kong’s Hang Seng index closed 5.2% lower, and Australia’s main index closed 4.1% lower. The S&P 500 fell 3.2% on Friday, Nasdaq futures fell 5%, and, on Monday morning, the Dow lost 1,000 points. Ouch.
Could this possibly be good news, at least for the little-guy home buyer?