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Hmmmm......I must have hit a nerve...no an artery...:D Just kidding... As I said....the media is a very powerful tool....even if rates only went up another 2%. The psychological impact on people is huge...they will clam up an not pay the prices they were paying before. The other thing...

A lot of people will panic when they see another rise in Dec. 2009.;) The average punter out there is pretty unsophisticated...and will not analyze the underlying fundamentals. Given previous experience housing price growth will slow next year...till about 2011 when rates slowly head down...