The fact that home sales were up, while mortgage rates also climbed bodes well for the real estate community.

I'm pleasantly surprised with the current level of sales. We'll see if they continue.

Our mortgage rates will skyrocket,

Taking into consideration the fact that mortgage rates have fallen from the earlier peak at the end of March, we have lowered our forecast for long-term rates. We now expect that the 30-year fixed-rate mortgage rates will likely end up somewhere between 5.9 percent and 6.2 percent by the end of this year.

Property prices may drop, but I do not think it will drop that fast. The consumers are more financially educated as compared to the last crisis, plus the interest rates are very low now...

Do not always listen to rumors in the market. Learn to keep out all those noises so you can sniff out the good deals.