I agree with PerryChase although I am hoping for 1998 prices as prices overshoot the mean
I currently like the idea of prices bottoming in 2011 and staying mostly flat for 2 or 3 years before they start rising noticeably
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To the original poster: I get the impression that you are trying to talk yourself into buying this house – that’s OK and it’s your decision – it could easily be the biggest financial mistake of your life but we all have to learn our own lessons – you should be thinking worst case scenario: the house being worth $230K until 2015 or so – I also get the impression that you are fooling yourself about your ability to afford this property – to ignore $700+/month in expenses in order to “focus on the rent vs buy decision” is less than intelligent – if I am understanding correctly you aren’t counting HOA dues, taxes, insurance, maintenance, trips to Home Depot, etc – and to do this using 100% financing! – grasshopper, what are you thinking – have you been ignoring your lessons again?
