Russia's latest headache is a housing bubble

• Russia faces a debt-fueled housing bubble as a result of a government-subsidized mortgage boom.
• The country's central bank warned the program could undermine its rate hikes and fuel inflation.
• The Russia-Ukraine war has fed the bubble through easy credit, death payouts, and Western sanctions.

Russia's efforts to gee up its war-beaten population and shore up its sanction-hit economy have created a potentially dangerous housing bubble, The Wall Street Journal reported on Thursday.