Right, I think I see this better now. Because the market(s) I was exposed to (UK & OZ) tend to variable rate mortgage as normal, we don't have this strong tie to a long lived fix for the whole of the asset: people get 5 or 10 year fix if they are lucky, at a good rate and if rates are high they take a short fix as a hedge and then look to refinance variable when things drop. It's just a different kind of market.
Probably, the lifetime of debt at known rate drives a kind of derivative investment which isn't so common in my lived experience. We do have broken housing models, maybe some of our choices feed the problem. But our problems aren't the same as US problems.
Probably, the lifetime of debt at known rate drives a kind of derivative investment which isn't so common in my lived experience. We do have broken housing models, maybe some of our choices feed the problem. But our problems aren't the same as US problems.