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The Effect of Rising Interest Rates on Housing Bubbles
In most housing price bubble collapses in history, we've seen rising interest rates prick the bubble and act as a catalyst for price falls. Do you think rising interest rates are essential to pricking housing bubbles? Are you aware of any price crashes in history that have happened without that? They certainly make it more likely. But what you had in our bubble, interest rates, of course, the Fed did raise interest rates, but long term rates barely budged.