powayseller – Wow, you really sparked a good discussion from this post.
I will play devil’s advocate for a moment because I didn’t see any mention of an important topic. Definitely, everyone in this post brings up issues that must be considered with regards to housing being one of our largest INVESTMENTS.
I think we should also remember the value of housing as a HOME. Remember back when the house you lived in felt like home instead of your 401K? I hope that feeling returns again after all this craziness is cleared away and I can actually afford to buy. 🙂
Think about it. If (and yes, I know in many cases it’s a big IF) you had bought a house for a decent price many years ago before the bubble, and you had a decent fixed rate conventional mortgage, reasonable Prop 13 property taxes, a stable job, and you actually liked your place, and it felt like HOME, that would be a good reason to not sell right now.
