Hey Everyone,
Thanks for all of the comments. It has been fun to have a post responded to so well. My thoughts are that the market will start to stabilize early next year. While there are lots of reasons not to buy, the market is affordable to many. Encinitas now has a lot of really nice single families in the 550k range see realtor.com 92024zip. I have 6 friends, including myself who have bought homes in the last 4 months. We got a great duplex in La Costa 445k after (buyer paid 17k in points)1500 sq ft and good size yard that we are really happy with, and even qualified for a sweet fed loan see acornhousing.org at 6.1% 100% financing with no PMI. All that to say, my $2400 payment is more then affordable and with a 10 year plan, why do I care what the market does. We were sick of waiting, the price was $65k off its 2005 peak. Everyone who I know who bought is in the same boat. New babies, new spouses and new jobs. Not all of us are looking for the deal of the century, just a place to live that is affordable and 550k with lowering interest rates is very affordable (Granted, I live and work in North County).
