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The point is that those price declines would benefit only the wealthy who had the money in cash, but regular people are not having so much savings and for them even those "lower" prices are actually higher when considering the interest they will pay to the banks.
If you can eat the higher mortgage payment until the interest comes back down, and then you refinance, you'll actually come out ahead of people who bought at high prices when interest was low. You can always refinance. You can't re-negotiate what you paid for your house.
I have heard people say this, but why are we assuming the interest rates will come back down?
Because of their historical averages. They could stay high forever, but they probably won't.
Historical average home prices were lower too though. Why is this different?