Pamela2,

It's definitely a buyer's market, so take your time in house-hunting if you decide to go ahead. You have plenty of choices at good prices.

Also, the CBO's estimate of a 14% decline is a national average and could easily mean some areas will decline much more than others.

If you're community was vastly overbuilt like mine was during the boom, it probably has more to fall. But, on the plus side, mortgage rates can't be beat right now. Do your math and figure out what works for you.

I have friends who just bought a house last month, and I aked them if they were worried about their home value declining in this horrible market. She said that she didn't care because it was going to be their permanent home, they got a great low rate, and they found the home of their dreams at a good price.

I've written a few articles on homeownership, here's two you may be interested in:

https://www.financeglobe.com/blog/latest-blogs/The-Real-Cost-of-Homeownership

https://www.financeglobe.com/blog/latest-blogs/Financial-Preparation-for-Homebuying

Good luck,

Mary

Wow that really makes me think!!!!! Me and my husband are looking to buy a house because the apartment we live in is way too much for us. We can get a house for 400 to 450 dollars a month if we play our cards right, but now i wonder if staying here might be a good idea for now.

Re:
https://www.financeglobe.com/blog/latest-blogs/Brace-For-a-Difficult-2009