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The people who are affected are people who A) anticipated flipping their newly bought homes in the near future to make a buck, and B) people who qualified for, say, a maximum 300,000 mortgage and then proceeded to use all 300K and further get themselves into debt with now higher rates.
For the average person, it all evens out in the end, and 3 or 4 years from now, prices will be going up again. Just sit tight and don't lose your head.
We just bought (prices are still rising in our area but we know its nearing the current limit) but we're planning on being there for at least 5 years, so no worries.
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Si vis pacem parabellum.
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