Higher rates are normal rates, a reversion after an abnormal rate period (“ZIRP”).

https://fred.stlouisfed.org/series/fedfunds

Real estate isn’t the only asset class about to deflate, private equity too (and tech, see BendingSpoons bargain shopping).

https://www.bloomberg.com/news/articles/2026-09-25/pimco-fac...

https://www.bloomberg.com/news/features/2026-09-24/private-e...

https://www.bloomberg.com/news/articles/2026-02-23/private-e...

Asset prices will continue to decline until excess equity from ZIRP debt has been drained via higher borrowing costs (reducing valuation) until prices arrive at current money cost valuations.