There's a storm brewing in the housing market. Everyone knows...

There's a storm brewing in the housing market. Everyone knows that, its just when it will hit. With repayments as high as one person's salary of $3000 a month on minimum repayments, how are house holds going to cope with higher interest rates? Just remember you can't cut back on food, fuel and amenities. These things are driving inflation globally with high oil prices and the short supply of food (rice up 70%, wheat up %50 or so).
Investors are ok as they will only lose thier deposit, but its the homeowners who will really get screwed. Not only are they going to have to pay more to keep their mac-mansion homes, but rental costs have to go up to cover interest repayments.
Good luck to home owners who don't have more than 30% equity and small loan.