When did the ‘real estate bubble’ burst?

The global housing market is in free fall.

With record highs in sales, prices and home values, it has left many of the world’s wealthiest people with no choice but to spend, invest and save to pay off debts, even as the global economy stagnates.

The US and the UK are the only countries to experience a rebound, with their economies continuing to expand.

Al Jazeera’s Nick Gomes reports from New York City.