While some say that if you stay there for many years the odds are that you will be ok. There is a lot of money to recoup if it costs you 22k a year during those years.
My wife was the same way, in her eyes we are two white collar professionals with good jobs and we should be able to have a house. That is one of the reasons she went to college, to have things like a house, decent car, etc.
I showed her the forums, the numbers. The people that participate in these forums are not barely making payments on houses or struggling for money. Most are doing well and not only discuss things as objectively as possible but provide statistics to back it up.
I’m waiting because of this. I am going to follow these forums, look at the statistics, and rent/own ratios, and when they finally make sense, buy. My wife won’t even look at places that are avail. now with the price decreases, she won’t even look till the end of summer next year or 2008.
We have friends that bought before the boom, we moved out here last year, put some bids in and finally woke up and realized that no matter how much sun, waves, california burritos, and sunsets we have here. It is not worth it to live here if Real Estate is that much.
(I’m not really that knowledgeable about RE, but I know enough that it still isn’t time to buy)
