The US Housing Market Is Going to Be on Hold

I think to some extent, we're all affected about by what happens to interest rates and both short term and long term. What happens in the US to a large extent spills over to other parts of Europe. With that said, I think that the US market is going to go through a slow period until we get re-aclamated to the current level of interest rates. We expect it's going to be difficult for the automobile market and difficult for corporations in general to refinance their corporate paper. But ultimately, people will have to come to terms with mortgage rates between 5% and 6%.

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