The housing and mortgage mess

As I have stated in my earlier posts this is a great time to be a home buyer if you have the cash or a great credit rating. This is also a catch-22 situation, why? That is a simple one to answer. Most people that are in a position to buy a home already have one and need to sell it to buy the one they want next. Problem with that is not only the price is dropping on the house they want to buy but the house they want to sell. We sold our last home 4 years ago just when the prices were about at their peak. We did not buy the home we are now in, in the same state we sold our other home. We moved to a cheaper area to live, thus out of state. If the home you wish to buy is located in an area where home prices in general are much cheaper and you happen to live in a higher priced area then you can luck out on the transaction. For example, California is still higher priced than Wyoming so if you were to sell your home in California and move out of state you can find many cheaper areas with nice homes that you can put a much larger down payment or in some cases buy the home outright with cash. With that in mind finding work in those areas mught be harder but if you have a very small or no mortgage then you could live on a minimum wage job for awhile until the economy picked up again.