It's fascinating watching the carnage on mls now, with the 15% tax in place. No one can sell their houses now. And everyone seems to have a story about holding an open house that no one attends. The money is just gone.

It's just like the market collapse back in the late 80's when interest rates climbed into the double-digits; no discretionary seller wants to lower their price from $1.3 million when that was a feasible offer 2 months ago, but no one wants (or rather no one is left) to offer that price. The market just seizes and eventually non-discretionary sellers are left to define the market.