Michael Wilson was hopeful when he put his three-bedroom house up for sale: Over a dozen would-be buyers came to the initial showing.But about a year later, the property is still for sale. Offer after offer fell through because the prospective buyers were unable to sell their homes.Welcome to New Zealand, one of the world’s most troubled housing markets. Over the last 18 months, homeowners and investors have lost billions of dollars in wealth after prices that spiked during the Covid pandemic started plunging as mortgage rates also soared.“If we listed it, say, two months before we originally did, it would have literally sold the next day,” Mr. Wilson said. He and his wife, Jade, might finally have found a buyer for their three-bedroom ho …
