Absolutely. The reason for that is for every person who needs to take out a mortgage for that $1m home, there are 3 buyers that are willing to pay cash, and lik

Absolutely. The reason for that is for every person who needs to take out a mortgage for that $1m home, there are 3 buyers that are willing to pay cash, and like 20% over asking price. What many in this thread fail to realize is that there's a larger dynamic to housing right now than anything related to prices and rates. It's purely supply and demand. The demand is just too high for the prices to come down. Having 20% interest rates will curb some of that demand no doubt, but it won't clear it out completely. That means a few dips here and there, but generally, I don't see demand for housing decreasing enough for prices to go down.