1. Buy a house now and then (in say about 2011, but who knows) see if April 2008 was really the bottom.
2. Continue renting and (in say about 2011, but who knows) see if April 2008 was really the bottom.
I see option 2 as having almost no risk (and I hate saying no risk)
I see option 1 as being fraught with risk and speculation.
Just my opinion.
BTW Here’s a crappy graph I made using general figures of per capita income (which I just interpolated from Rich’s graphs so it’s not accurate, or could be totally wrong. Is it really just about $33,000?). I mapped what the price of a median house should be based on the historic peak price to income ratio, the historic median price to income ratio and the historic low price to income ratio and then increased the income by 4% each year to show what each price range should be in the future.
It’s not the most accurate graph (or pretty for that matter), but I hope it shows how much more this market could go down.
[img_assist|nid=7131|title=ptoi|desc=Price to Income Ratio|link=node|align=left|width=466|height=275]
