``... there are those who argue now is the time to buy since interest rates are so low and house prices have declined. I disagree. If you’re planning to live in the house for many years, you have to consider that mortgage rates are likely to increase while you’re still in the house. This will cause another leg down in house prices as the cost of credit to buy them returns to more normal levels. Higher incomes could support higher house prices, but my feeling is interest rates are likely to head higher before incomes do. ''

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