LV, I think you missed the part about the particular type of property I was buying and the level of luxury that will come with the purchase relative to the rest of the market. I clearly believe the market will see more foreclosures and I expect my home to lower in value before the bottom is reached. I just don’t expect to be able to buy this type of property at this price for many years to come. I would like think the market will continue to crash, but I just don’t believe it is going down a lot more. My monthly will be $3828.02. This includes P&I, Taxes, and Insurance. Add another 125 for HOA. After Tax price per month will be very close to a comparable homes rental price (this is what tells me we are close to bottom). When I look at what I’m renting now, and then how much more I must pay to live in the home I really really love, I don’t see the issues you mention as being an issue. There clearly is a high likelihood of severe thunder storms ahead for the economy and the housing market. I figure I am going to get the best darn house I can find for shelter. Good luck renting. I think if you feel you should wait, then do that. You know your needs and I know mine. I don’t mean to sound like everyone should buy now. If anything, I would recommend waiting for confirmation of a bottom. Just realize that you may not find the perfect home at the perfect price.
