The economic effects of the U.K.'s decision to leave the European Union are expected to be detrimental. Wall Street Journal staffer Jon Sindreu explains how the housing market, which may take a while to display the effect of the June 23 vote, is the best "bellwether" for Brexit.

With pricing already falling in certain markets and activity stalling, the concern is not just when the fallout will begin in full but what Brits will do after:

But the wider concern is that falling house prices will push nervous Brits to trim their large debt piles and stop spending. In the U.K., it is investment by households, not businesses, that is the more important source of demand for the economy.

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