That said, what you consider sky high rates are still historically low.

The reality is historically RE related recessions have been more of plateau's and seller's concessions not major price corrections.

Right now interest rates are still pretty good vs historically, although that could change very soon.

Purchase price: $428,000 Cash invested: $150,000 Historic Commercial/Office to Residential "House Hack" 1917 historic Riverside property, zoned commercial/residential/office (CRO), used as office space since 1994.

Interest rates were so high and with interest rates ate historical lows, they'll likely be much higher when the 10 years is up. 

Yes interest rates are rising, however, rates are rising from a historical low to (as of right now) ~5%. 

For example if you want to see the brick or if the historical society will not allow you to cover the brick.

Reasons for concern are clear in certain economic indicators—the price-to-rent ratio, in particular, and the price-to-income ratio—which show signs that 2021 house prices appear increasingly out of step with fundamentals.While historically low interest rates are a factor, they do not fully explain housing market developments.

It's all very relative, but the current rates are not historically high by any stretch, we've just changed our context because of how drastically low they were last year. 

If they did, there are a lot easier ways to make a profit on that knowledge than buying or selling real estate.Financial obligations (bank payments + rent) as a percentage of disposable income is at a 40-year low.Although commodity price inflation has been severe, prices are just getting back to 2014 levels.The average household wealth of the bottom 50% of households is at a historic high...there is no comparable period whatsoever.If you back out real estate gains, net worth is over 100% higher than pre-pandemic levels for the bottom 50% of households.Bank deposit balances of the the bottom 50% are $10,000+ and $3,000 above pre-pandemic levels, and kept increasing in 4Q21 after 3 quarters of increasing inflation and lower fiscal support payments.Government unemployment insurance benefit payments have trended to near zero.Nominal wage growth for the lowest income quartile is growing at the same pace as inflation.2020 had large gains in real wage growth; so, even though real wage growth is severely negative for the past year, the 2-year trend is break even.If real wage growth is -1%, it would take ~6 years to burn off the excess savings of the average bottom 50% of households.