The talk of the town is if we are currently in a housing bubble (and have been for some time). The interest rates are up, the housing inventories (supply) are building up but we still have high employment rate (demand). At least in Northern California.
The ask prices doesn't seem to have come done but bidding wars seems to be less frequent. The summer is usually the slow season for real estate so I guess we'll get the first indications of the lay of the land in the fall.
One thing is clear, the folks that bought real estate when the Fed rate was 1% and choose one of the riskier morgage solutions on a tight budget won't sleep well at night.
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