I don't know how much of an impact higher mortgage rates will have on the Greenwich home market, but a halving of the S&P might do some real damage

we’ve recalculated, and yes, you can still buy a house, but It will have to be — er, just a bit smaller.

Nationwide, mortgage applications are tumbling

Mortgage or not, watching one’s savings drop by half might give even the most intrepid home buyer pause. I know that I personally am beginning to grow nervous about my savings. No panic, but I wouldn’t be out looking at houses right now.