Almost certainly the latter, what I expect to happen is that as prices start falling we’ll see corporations swoop in and buy up housing on the cheap. Regular people are in no position to afford the rising interest rates, but this isn’t a problem for corps since they can just buy the houses outright. It’s already happening too, this is a good vid on the subject https://www.youtube.com/watch?v=iLsZlrZIFwU