[brownsfan]

If you’re living in a “fly over” state, this isn’t a big deal. I live in a 2000 sq ft home I bought for $200k a few years back. The replacement cost of my home is more than 1/2 of what I paid for it. It won’t fall that far.

Greed is good. Remember that when you’re packing up for the sherriff’s sale of that home you tried to buy on interest only.

[philled]

If you’re living in a “fly over” state, this isn’t a big deal.

Fly-over state here. We're doing OK. Strong local economy, not very many speculators up here and very few of the gimmick loans.

We bought a new home a year ago (fixed 30yr at 5 1/2%) and are planning on being in the house for the next 20 years. I was heartened to see the real estate roundup yesterday showing how we haven't fit into the trend, with even more homes sold and an average sale price up 8% through 11/2007 compared to 2006.

[Graybeard58]

I live in “flyover country” too. We bought this house 15 years ago and about 5 years ago paid off the mortgage. Now we are thinking of moving to a different “flyover state”.

I am considering putting a price on my house and letting it sit until I get my price for it. I would go ahead and buy my new house, again, possibly paying cash for it.

I have a son who lives near me and could take care of this house for me while I live in another one. The only disadvantages I can see would be real estate tax and insurance would still have to be paid. $800 tax and about $600 insurance. If it never sold I wouldn’t be bothered too much as my kids would inherit it.

It sounds like the best of both worlds to me - buy low and sell if and when the market is up again but I’m sure that someone will be along shortly to tell me why my plan is full of holes.

[kjam22]

I live in a fly over state too. It just hasn’t been impacted by the housing market like the coasts have. But I have no mortgage. No payments for anything. Someone said the feds might move the interest rate. Whatever :)