It's more ignorance than misinformation.
All necessary information is at everyone's fingertips.

Also, many, many people are financially dumb.

Bahahahaaaaa! 

Consumers have ALWAYS thought 'every hangnail' meant a DRAMATIC price reduction.

And why shouldn't they when the MSM spews their sensationalism 'bleeds = it leads" nonsense . . .

NOW, class . . . where ya gonna get the rest of that 100k?
Hint: not from seller or broker . . .

A: ONLY FANS! LMAOOOO

Not really.  Some folks will buy, some folks will sell.  its all local.  Some folks missed a great opportunity to take advantage of historically low rates so their buying power in seriously curtailed.  Its part of the chain of events that will ripple thru the economy as we normalize. 

The only change is that everything changes.  

Not at all, we live in a world of misinformation these days and people that provide it find plenty of sheep to follow them, haha.

Not in the least. The general public consults with their uninformed friends, click bait, media, social media; basically everyone but their local REALTOR* and Lender for proper advice.

Can't say that I'm surprised but I'm sure their are lots of sellers and buyers that are not aware of the current market.

No surprise Buzz Mackintosh 

        Thanks to the TV News and Google Search, everybody is an "Expert".

    UNTIL they step out into the real world and start shopping for a house.  Then Reality slaps some sense into them.

I am not surprised at all. We must keep in mind that any forecast is no more than one person's opinion, and those are frequently wrong.  "Unprecedented high interest rates?" What a joke! Some of us might remember Prime at 21%. Mortgage rates in the 5-6-7% range are not bad at all, especially on a 30-year basis. Home prices WILL go down, mainly because they were overpriced and will stay higher than in some earlier markets due to low inventory nationally. Fed Fund rates will go up, but mortgage rates will not rise in step with those borrowing rates or the 10-year notes due to pressures from buyers of bulk mortgage products in the secondary markets. 

Good morning, Buzz... I read that report yesterday. I am not surprised. I'm constantly talking to people who have all sorts of ideas about the current housing market because all they read are media headlines. I spend a lot of time disabusing them of incorrect ideas.

Interesting story. Many home buyers are of an age where they do not remember the recession of 2008-2012 and they have no clue that rates could rise over 4%. Welcome to the new normal!

If a buyer came to my market, the area that I mostly serve, with the idea that they could buy a home for the national average mentioned in that article - $388,100 - they would be terribly disappointed. Our mls shows 4 properties under $400K. One is a manufactured home - a 2 bedroom, singe-wide model - and there are three 1 bedroom condos.

High interest rates combined with affordability issues are a huge barrier for buyers.

Yet...the market will move forward and so will I.

National sources are skewing and spewing...which is why I depend on everything local when practicing real estate!

Americans are wildly misinformed

^^^^TRUTH^^^^

Should I be?

I was always taught "Believe Nothing that You Hear and Only Half of What You See!"... LOL - and you will be Okay...

There is no definitive source in general or overall, that has all the answers. Real Estate remains subject to local dynamics. THINK: supply & demand for a certain area. When anyone is called upon, they can give a professional opinion or a layman's opinion, but keep in mind, it's all opinion in the end

There are sources spewing anything and everything just to get a click. People need to look at the facts and keep it local to where they're shopping. Millennials have never know rates this high and Boomers and Gen X should know those low interest rates of 2%-3% aren't normal. Some markets will go down some while others continue to increase. I expect some people won't move for a while because they do have lower interest rates.

No.

National news does not speak to the reality of our local market or other local markets.  Who really knows?  Those of us that keep track of our markets on a regular and consistent basis. And those national guys and gals know this fact.....but drama rules and it goes on and on and on. Follow their money! Blah! Blah! Blah!

It seems we are all in agreement (commenters here) that there is NO surprise due to all the misinformation out there Buzz Mackintosh 

I read this & its such a generalization. Many people just don't care about anything. The housing & mortgage market is not a friendly place for consumers.

No surprise here Buzz Mackintosh -- there are areas that will experience more or less a large reduction but real estate is LOCAL and so no one can predict for the whole country.  In my area, things have slowed down, but we are not seeing drastic cuts.  At least not at the present moment.  Regarding interest rates I remember buying my first house.  I started at 9-3/4 percent and because i had an Adjustable Rate Mortgage the rate went all the way up to 17 percent.  Ouch!  Glad we are not there now!

No I am not surprised.  If you walked out on the street and asked 10 people who the vice president is half of them would get it wrong.  80% probably don't know who the speaker of the house is currently. Why would real estate be any different than current affairs.  Sadly 90% probably know prince Harry's new book title.

Many have predictions. Only results tell the real story. Perception is not reality.

Funny but, Dr. Yun spoke at our office's annual meeting this month and he shared some of the crazy media stories. I'm a big believer in our being the educators though - we need to share the 'truth' in our local markets, for sure!

Hey Buzz,

Not really.  I usually go to www.snopes.com to fact check what I believe to be inaccurate or false info.