Congress approved a deal to bailout homeowners in trouble with their mortgages. Exactly how this is going to happen without major tax hikes, I have no idea. Personally I was hoping this wouldn't happen so that, if anything, allowing home prices to fall would bring them back to affordable levels (meaning what they cost back in 2000 in my market). With this idea, it seems that housing prices would stay flat where they are. That coupled with the issues Indy/Freddie/Fannie are having (which, again, leans towards tax-payers bailing them out as well, and possibly higher mortgage rates) and I feel defeated before I even got started with buying a home of my own.
All this doesn't change my course though. I'm going to move forward with saving diligently for the next three years and educate myself about buying/owning a home. It may come to pass that home ownership isn't for me, and I'm perfectly fine with that. But I want to be in the financial position to make a purchase if I want to. The current financial climate seems to be making that position more difficult to attain.
Speaking of home ownership, I've added another blog to my list: I Hate My Developer. Arguably one of the most honest, well-written blogs about buying/owning a home.
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