Home prices are sinking worldwide with many of those markets suffering because their mortgage structures differ from the US' 30-year fixed-rate.

At the end of September, home prices in New Zealand had fallen over 6% since their peak, according to CoreLogic, and Canada and Australia had similar declines of 5.5% and 4.8%, respectively.

Growth reversed in the U.S. too, but at far less negativity, down 2% from the peak.

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