THERE’S a new buzzword in New Zealand’s housing market – FOOP, the fear of overpaying. After a year of frenzied price increases when the fear of missing out, or FOMO, prevailed, a credit squeeze and rising interest rates are now driving the market in the opposite direction.... “ The biggest driver is the lift in interest rates, ” Kerr says.... In the absence of a negative employment shock it’s hard to see a large number of forced sales driving prices down meaningfully.” — Bloomberg....