In the major western economies, the main consequences of the increases in base interest rates set by the central banks more than a year ago emerge in the real estate market. These increases cause a tightening of access to credit for households and a decline in demand for real estate, leading in turn to a turnaround in the real estate market. In particular, real prices of real estate, i.e. prices adjusted for inflation, appear to be falling back to different degrees depending on the country, with France being least affected for the moment, in contrast to Germany. This turnaround in the real estate market could hamper household investment, as is already the case in the United States, and affect households’ financial situation, especially in the United Kingdom, Italy or Spain, where the characteristics of the credit market are likely to cause a rapid rise in household debt...