I am really eager to own a house. I would actually enjoy doing home improvement and gardening. It’s hard to get excited about doing these things with a rental. I am in the process of buying a house in Ithaca, NY and I will stay at least two years, possibly more.

I came across some articles on home prices — http://www.fdic.gov/bank/analytical/fyi/2005/021005fyi.html it appears that prices do not descend that much, and they tend to decline in large markets. I expect that the Ithaca market will stay flat at worst, since Ithaca is growing as a high-tech city.

Here’s some data on historical evidence of home price booms and busts: http://www.fdic.gov/bank/analytical/fyi/2005/021005fyi_table1.pdf

These downturns tend to follow years of stagnant or negative economic activity. http://www.fdic.gov/bank/analytical/fyi/2005/021005fyi_table2.pdf

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