Real estate ias a local thing, I doubt you get a crash nationally in that sector. If rates climbs slowly, I doubt there will be any impact, maybe a slow down in price appreciation overall, and only for a short period. The crash of 87 had no RE repercussions, though the tax change (the "at risk" introduction into deductibility) caused a major problem (that was 82, however) including the S&L collapse, of course, the very high rates then just exacerbated the problem.
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