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I can't tell, but it looks like this would be your first house? IF so, then buy all means buy. In the long run you will do much better owning your home . . .
If you are talking about 2nd houses, then it is a whole differnet ball game . . .
Someon mentioned that when the economy picks up and interest rate rise the bubble will burst? Well, when the economy picks up, and interest rate rise, that will be because more people are employed. More employed people means high wages and more demand for housing. More demand means higher prices.
The fact that housing prices (esp. in CA) have NOT fallen during the downturn is a bad sign for affordable housing
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