patrick.net

1. What do you tell people who are currently thinking about buying a home and why?
Don't buy if you don't have to; wait at least one to two years before you seriously commit to buying a home -- hopefully, deprecated/ignored banking regulations/practices are reinstated along with strict property assesments, and higher interest rates and enough foreclosures occur between now and then to bring down the prices of homes.

2. What is is the general area you live in?
11230.

3. Do you currently own a home?
Yes, a co-op.

1. What do you tell people who are currently thinking about buying a home and why?
If they're looking for a deal, they should wait. Don't buy unless you can afford the home on one salary, and look for energy efficiency and the home you need vs. the home you want.

2. What is is the general area you live in?
Southern Utah, which has been hit hard by the economy and housing crash.

3. Do you currently own a home?
Yep. I bought pre-bubble and still have phantom equity. However, I kick myself every day knowing that if I'd sold at the height of the bubble I'd have $200k in my pocket right now.

1. What do you tell people who are currently thinking about buying a home and why?

A home is a consumer purchase, just like a car. You have to determine if the expense is worth the pleasure derived. With that attitude, compare renting vs buying, especially with how long you plan to keep the home.

2. What is is the general area you live in?

Hampton Roads, VA

3. Do you currently own a home?

Yes, two houses. My residence (2400 sqft 2car) and a rental (1500 sqft 2 car), both built around 1995. Both are paid for, and unlike another blogger, I had no inheritances. But I did have my Dad's advice to pay off the mortgage.

1. What do you tell people who are currently thinking about buying a home and why?

First and foremost do not buy unless you can actually afford it with a conventional mortgage (30 year fixed). I.e. your PITI on that conv. mortgage are no more than 1/3 of your income. Hoping for appreciation and a quick flip on an exotic mortgage was a great part of the problem we've seen. Further, if rent is significantly lower than PITI for the same property, do not buy. In my case a 30 yr. fixed @6% with 20% down would be more than twice my current rent (based on most recent purchase price).

2. What is is the general area you live in?

SF Penninsula.

3. Do you currently own a home?

No, but I have owned two houses in the past.

1-I tell them about what I read here, as well as what I have read on numerous other housing bubble forums, and ask them to compare the historical data and past/current RE bubble scenarios against what they see in their local market, before they get too serious. Also, I try to get them to review economics sites. I am a fan of Peter Schiff, Gerard Celente, Garth Turner, Nouriel Roubini, et al. Then I sit down with them and "do the math" if I can........and, it is the actual math that usually gets to them as it breaks thru the female based emotional aspect of home ownership (nesting) that they have to combat.
2-Calgary, Alberta, Canada and Rio de Janeiro, Brasil (70/30%)
3-Not here, I rent in Canada for 1/3 the cost of ownership....but I own a condo in Rio.