<instructions>Your goal is to analyze the following comment and estimate how highly it will be upvoted by the Hacker News community.</instructions><comment><author>pjmorris</author><text>I think there&amp;#x27;s a more concrete measure of value: house prices related to income. Historically (Robert Shiller has a chart for the US going back to 1890) house prices (and mortgages and rents) have maintained a stable relationship with income. Occasionally that relationship is strained but it has usually fallen back in line. One exception to this was the extraordinary, ongoing, support to the financial system post-2008. House prices and other financial assets have ballooned in relative proportion to wage income. That&amp;#x27;s more than a perception of value, that&amp;#x27;s a matter of social stability as most people depend on the same paycheck for not only housing but food, medicine, etc, as well as housing.</text><parent_chain><item><author>melissalobos</author><text>Isn&amp;#x27;t this one of those &amp;quot;If everyone is crazy, you&amp;#x27;re crazy&amp;quot; situations? If every house is overvalued by some metric, then maybe the metric is wrong. People&amp;#x27;s perceptions of value are a large part of the actual value(meaning what someone would really pay) for things like housing that should depreciate over time.</text></item></parent_chain></comment><story><title>Homes in 97% of U.S. cities are overvalued, Moody&apos;s says</title><url>https://www.cbsnews.com/news/home-prices-mortgage-rates-moodys-mark-zandi/</url></story>
<instructions>Your goal is to analyze the following comment and estimate how highly it will be upvoted by the Hacker News community.</instructions><comment><author>brewdad</author><text>We&amp;#x27;ll find out over the next 6-12 months. At some point, a lot of home buyers started shopping by payment without regard to total price. With interest rates near their lowest in anyone&amp;#x27;s lifetimes that was workable.&lt;p&gt;With interest rates rising, as buyers who haven&amp;#x27;t locked in lower rates begin looking at the current payments on offer, they will have to look at lower priced homes or drop out of the market. If this boom has been driven primarily by buyers flush with cash, foreign or domestic, then prices should remain high. Payments are largely irrelevant to cash buyers. Any buyer using debt will be forced into lowering their ceiling of properties they can afford. Home prices should then fall.</text><parent_chain><item><author>melissalobos</author><text>Isn&amp;#x27;t this one of those &amp;quot;If everyone is crazy, you&amp;#x27;re crazy&amp;quot; situations? If every house is overvalued by some metric, then maybe the metric is wrong. People&amp;#x27;s perceptions of value are a large part of the actual value(meaning what someone would really pay) for things like housing that should depreciate over time.</text></item></parent_chain></comment><story><title>Homes in 97% of U.S. cities are overvalued, Moody&apos;s says</title><url>https://www.cbsnews.com/news/home-prices-mortgage-rates-moodys-mark-zandi/</url></story>