Thanks for the well wishes. In my husband’s case, the war in Iraq strained the military budget from its other projects, so they were cutting back. There are also lots of competitors, and when you spend 6 months of payroll vying for a 10 year contract and end up not getting it, eventually it cuts into your profits. I was expecting to take a hit from the recession, but didn’t think it would happen so soon.

The reason I would not buy a house now is that our unemployment rate is certain to double. So while no job is ever secure, the insecurity right now is heightened. Anybody working in any way on projects related to consumer spending (making chips, software, TVs, etc.) should consider their job on the line. The highest security now is in health care and government jobs. But even government jobs will be cut drastically when property tax and sales tax and income tax revenue drops during the recession. Teachers, firefighters, police officers, clerks the county office, are not exempt. In short, this is the time to save extra hard, not take on new spending.

an, I hope your job is safe, but what if it isn’t? Couldn’t you survive a lay-off better as a renter than as a homeowner? Only you can decide if this is a risk you are willing to take.