&gt; I encourage you to look at an actual graph of housing prices and foreign exchange rates. They really don&#x27;t track each other.<p>I&#x27;d be very interested to see such a graph. I&#x27;d also be interested to know what you mean by foreign exchange rates (I&#x27;ve been assuming you&#x27;re talking about USD relative to all other currencies). [0] seems to indicate that FX rates affect real estate prices.<p>&gt; Also, most people have home loans and houses are not currency.<p>I really struggle to see how that&#x27;s relevant in the slightest. No one claimed that houses are currency.<p>&gt; Further, having your currency appreciate is bad for many parts of the economy.<p>That supports the notion that FX fluctuations will affect real estate prices. A region with worse economic prospects will likely have less demand for housing than an otherwise identical area with better economic prospects.<p>[0] <a href="http:&#x2F;&#x2F;www.investopedia.com&#x2F;articles&#x2F;forex&#x2F;053115&#x2F;understand-indirect-effects-exchange-rates.asp" rel="nofollow">http:&#x2F;&#x2F;www.investopedia.com&#x2F;articles&#x2F;forex&#x2F;053115&#x2F;understand...</a>