Also for real estate the debt landscape is different- larger down payments and DTI ratios. Increasing interest rates/mortgage rates are going to drive prices do

Also for real estate the debt landscape is different- larger down payments and DTI ratios. Increasing interest rates/mortgage rates are going to drive prices down IMO, but I don’t see a collapse like 2008 because people won’t be forced to sell their homes due to foreclosure/ARM resets and mortgage backed securities are unlikely to collapse. Plus inflation is driving up nominal income, so buyers will increasingly be able to catch up with house prices even if they don’t drop that much. The one wild card I don’t know about is the increased institutional/investor based investing in residential real estate. I’ve got no idea how those deals are structured overall and what a price drop combined with a mortgage rate shock would do to them and what size the overall market exposure is.