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Taking on long-term debt to purchase a residence at this stage of an economic down-turn is not a good idea.  (Was going to write "stupid" but decided to mealy-mouth.)  In fact I would be very wary of taking on any long-term debt UNLESS you had a secure income stream from a non-wage slave source.  The greatest number of hardships during the Great Depression came from the slow decline in real estate values following the 1929 stock market crash.  These values didn't recover until the early 1950s.

If one is all twitterpatted about purchasing property the thing to look for is some kind of non-viable commercial building on the outskirts of the downtown area.  These can be picked-up for a third to a quarter of the price of residential properties, including the cost of conversion.  If you know what you're doing there are some great deals to be had and these properties have, IMHO, the best chance to increase in value over the next 20 years.

If you don't know what you're doing and cannot hire or acquire the knowledge ... don't even consider it.  There are also lots and lots of Money Pits on the market and buying one of them turkeys will result in financial ruin.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Wed Dec 30th, 2009 at 02:42:13 PM EST
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