That's great news for you. Just remember, housing will fall a lot further before this is all over.
It's not happening in CT. No bargain hunting here.
Of course it will. And one day, when it stops falling, it'll begin rising again.
Since this is very likely the last home we'll ever buy - and only a deep depression would affect our ability to make the mortgage payments - we're not too concerned.
As far as I'm concerned, investments are investments and necessities are necessities. It's nice when a necessity appreciates in value, but it's not wise to buy it with appreciation in mind ... or even worse, counted as a certainty.
And btw, I play poker the same way; I never carry more money into a game than I can afford to lose. When it's gone, the game's over for me. :)
>>That's great news for you. Just remember, housing will fall a lot further before this is all over.<<
Yeah, a house that went for $500k last year and is going for $470k now may look like a great deal, but if the identical home three doors down goes for $320k in a year, it won't look so good. It is really wierd how perceptions can change like that. I've actually experienced it in both directions.
This thing takes strategic as well as tactical thinking.