Cyrela Brazil Realty is Brazil’s largest developer of residential properties. It currently operates in 17 states and 55 cities in Brazil, and also in Argentina. Elie Horn is chairman of Cyrela’s board of directors and chief executive officer. He has served in both capacities since the incorporation of Brazil Realty in 1994. Horn is also founding partner and has been president of Cyrela since 1978. These are volatile times for Brazilian real estate, which mirrors the situation in most countries. But Horn explains that Brazil doesn’t have the deep-rooted problems of the U.S. market. It’s just a matter of lying low for some time until confidence returns, he suggests in an interview with Knowledge at Wharton. An edited transcript of the interview appears below: Knowledge at Wharton: What is your view of the world’s financial crisis and its impact on Brazil? Elie Horn: Brazil is not an island. In a globalized world, everybody pays the price, and Brazil is paying the price, too.…