Looking at US Treasuries, it seems real estate might undergo a correction

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Even if things aren't as they used to be, US Treasuries are the standard, and global loan interest rates are all determined based on them.
In Gangnam, they have actually restricted loans heavily, and due to the property tax controversy, it seems like people who truly lack the means (the elderly) are putting their properties on the market.
I believe these will definitely go up in the future.
However, there are many cases of people who jumped in during the panic buying in Gangbuk and suffered because they bought at the 2021 peak; I feel like we might see a repeat of that. But actually, unlike in 2021, even lower-tier areas like single-building apartments or low-quality apartments haven't risen as much, so I'm not entirely sure.
What's left is the interest rate, and it doesn't seem like something people can just bear. If they were an incredible nation like old Japan and could create their own separate world (zero interest rates), it wouldn't matter, but that is nearly impossible.
No matter how much people talk about supply, can anyone really withstand it if interest rates are that much of a bully? Is it because there are so many people who made money through semiconductors? Even so, I don't think that's enough to cover all of Seoul. I think those who caught the last train in lower-tier areas might struggle this time around.