I would seriously consider it if I were you. You overpaid at a time when housing went insane and now you are paying the price. Where I live it is insane, so I refuse to buy and have been renting for several years (house prices more than doubled from about 250K to well over 500K average - no way am I paying that stupid price). Once house prices are back in line with incomes here (and this area was always pricey, even at 250K) I will consider buying. Typical household income here is only somewhere in the upper 60K range if that gives you an idea how ridiculously overpriced we are right now. I'm in Canada, and our prices have only begun the downslide this summer. I can't wait to see price cuts like what you are talking about in my area.
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