I agree with Bugs. The hull has already struck the iceberg. The best thing that honest individuals with savings can do is invest their profits into a vehicle that is gaining a higher return than housing…and just wait out this correction. You must be prepared for the long haul and just keep doing what you are doing. Your leverage increases with every day that goes by in which you don’t purchase a home. The real estate industry depends upon consumption just like any other industry.
Heaven forbid there is a hiccup in the employment figures. When that happens (not if, IMHO), it’s party time for the bubble sitters.
