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I believe the next rate hike which is rumoured to be .75 could possibly set off the beginning of fire sales as over leveraged RE investors try to dump. The issue of course is they'll be no buyers so that means RE prices will fall further.
I wouldn't be shocked if RE prices end up at pre-2016 prices once the rate increase cycle is over. And people who are hoping for "rich" investors to sweep up "cheap" local RE might have to wait a little long. Days of cheap money are coming to an end.
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