Effect of Low Rates On House Price Affordability

It's pretty dramatic. What will happen to prices when rates go up?

http://www.ritholtz.com/blog/2012/12/how-much-is-the-fed-driving-home-prices/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Picture%29

Hint: don't expect another meteoric rise in housing prices any time soon. Assuming the Fed ever raises rates again, or backs off their QE efforts, mortgage rates will rise putting a significant break on home prices. 

Typos courtesy of my iPhone