[SeaHawkFan]

Okay, out here in CA most of them walk away from a $3000 mortgage payment on a 3 bdrm 2 ba to a $1500 rent payment on a 5 bdrm 3 ba (or something similar...)

Plus no property tax, home owner's insurance (of course, one should have renter's insurance) or repair maintenance expenses.

Walk away and save that $2,000 or so per month, and have close to $50,000 for a down payment in two years at about the time the real estate market will be near the bottom. Have $50,000 to put down; no lender will avoid making a loan.

[CodeToad]

“Have $50,000 to put down; no lender will avoid making a loan.”

And that, my friend, is the bottom line statement to end all arguments. Cash is king and that FICO be damned.