"But Stephen Oliner, a senior fellow at UCLA's Ziman Center for Real Estate, said don't dally too long. He expects the Fed to raise its interest rates multiple times over the next several years.
'The cumulative effect of all those rate increases is going to push up all long-term rates,' Oliner said. 'It's going to have an effect on affordability, particularly in areas that already have very expensive home prices, like the Southern California area.'"
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