[quote=svelte]Personally, I think TG had it about right.

He waited out a majority of the price fall, then when it got near where he thought the bottom should be, he bought.

No use worrying about whether you hit absolute bottom, buy something and get on with your life. Also, every year you rent is one year longer you’ll have to pay a mortgage once you eventually do buy (not exact, but close enough).

You can come up with a million reasons to sit on the fence. But at some point, you gotta roll the dice. To me, that point is now.[/quote]

Depends on your income, bills, and rent. If you can save a substantial amount of money renting, then you could potentially have a large enough down payment in several years, to better afford a thirty or fifteen year mortgage. I am not a fan of a life time of debt that one can barely afford, and advocate saving a large sum to minimize life time debt. I am 46 and have my house paid off in full, but then I realize I am not your average chap. I worked hard, got into a lucrative career field, and also had some luck on my side. IMO, renting now is only bad if you rent AND live at the edge, saving little for the future.