The higher interest rates go, the more the same priced house costs = Falling demand = Lower housing prices

http://www.zerohedge.com/news/2016-12-14/mortgage-applications-drop-lehman-lows-rates-top-4

Those whose real estate values rose wasn't from being geniuses

Real estate values rose because acquisition costs were artificially lowered by the Fed etc...

Those with variable mortgages just received a tax increase

Many with homes for sale may want to consider lowering their price before an onslaught

2008 only worse

Just a question of when