[quote=4plexowner]market won’t bottom before 2010 at earliest – are you really looking that far in advance or are you just trying to justify making a purchase that you are going to make anyway?
human beings are not rational – they are rationalIZING[/quote]
True, but try living in a small apartment with a baby. Or try living in a somewhat larger one with a baby and a three year old like my wife and I have been doing. You might not be so rational either.
We just made an offer on a small 3BR crackerbox in El Cajon, and we’re convinced we’re throwing away our down payment since the market will surely sink at least another 20%.
Irrational?
Maybe not. We’re counting on inflation to shrink the relative size of our mortgage down to lunch money within a few years–if we make it through the intervening chaos. If the worst doesn’t come to pass, we still have a decent house that we can afford in a decent neighborhood. The all-in monthly costs are slightly less than renting the same house.
