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Surfer-X:
I am pretty sure that Larry Stone will lower the property tax as the value declines. Check out this article from 2003: http://tinyurl.com/fzc9x
Property values dropped a few years ago and it was hardly noticed. I was just like most of you renters for over 13 years here in BA. My income finally rose to the point where I could afford a traditional 30-yr fixed with 10% down. I'm in it for the long haul. It is not without risk, but I got what I wanted and I'm not hurting. This whole blog just shows me that there is still plenty of pent up demand in RE. You have to accept that our parents struggled to buy a house. It isn't easy. The current market is out of control, but it won't go down as much as many here hope.
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Suggested by Jimbo.