A wise man probably wouldn't be so quick to point out his own errors of analysis, but then I have never been saddled with the sobriquet of "Wise Man."
One year ago I wrote a piece about the relationship between interest rates, sale price, and affordability and it would have been just fine if I had stopped after making my point. Instead, I foolishly plowed on with a number of predictions that have (so far) not panned out. See "You snooze, you lose."
So, I was wrong -- go ahead, rub it in. But I maintain that my central point holds true -- that if folks waiting for market prices to drop further wait too long, rising interest rates (it is gonna happen sooner or later, and probably sooner) will more than wipe out any gains in affordability obtained by attempting to purchase at the absolute bottom of the market.
Yes, I know I just made another prediction, but I can't help myself.