See 2010 for an example. $8000 homeowner tax credit was evaporated *POOF!*, prices hit the floor for two years.
A 20% rise in interest rates (not “1%”, but 20% to put it into perspective) would actually have MORE of an effect on monthly payments than a $8000 max credit for most houses in SD.
Where am I getting 20%? 4.2%/3.5% is about 1.20 or 120%.
