From a scan of the news on our home page, housing prices and interest rates are up and mortgage applications are down.  Interest rates have been kept artificially low for about a decade, now.  The real estate market used to be fairly cyclical, but the Fed's interest rate policies have kept things moving.  That seems to be coming to an end.  

If it costs more to buy a house and rates go up, the market slows down.  Unless we start seeing those risky loan products to keep people borrowing, but we all know what effect that has. 

Best,
Robert A. Franco
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