[riantogo]

Yesterday my friend bid on a house for $3.7M. There were double digit number of bidders. Lost to another buyer who got it for $3.8M all cash. Not saying it is the same everywhere, but where I live it is the norm. Nothing seems to bring down (or even slow) house prices.

[gedy]

At that price level, it’s a whole different market and set of buyers. If that's in California, the property taxes alone would be like $3400 a month. I doubt people with that kind of money are troubled by variations on interest rates.