Quote:
Originally Posted by MichiganMat
I had my hopes up about capitalizing on this mortgage meltdown but Im starting to have my doubts about my own ability to survive it.
I've got a healthy 10% in cash and stock to put down on a place, and Im fairly confident in my job security, but the news, my god have you seen the news lately?
They're saying GM could close its doors. GM! Citibank is under a $1 right now, the market is well under 7K...
If you had money to put down right now, and you had recession proof employment, would you buy a house right now or would you wait 6 or 9 months?
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The main thing you have to consider is that housing prices are still dropping.
You're liable to buy a house now for $200k(just an off the top of my head number- i guess in the bay you cannot get a shack for that much, haha) and have it be worth $150,000 next year.
Me, i would wait for the market to recover first.