Debts are collapsing. Defaults are surging. In this climate, it isn't a good idea to increase your debt by buying a house.

But you will know when it is. Because at that time, you will be able to buy a house and rent it out and make a few dollars. You won't have the situation we do today where I pay half in rent what it costs the owner to own and maintain the house I live in. (Yes, I am a renter. I sold my real estate in 2005).

Is it time to buy a house yet?

And please, if you haven't already, watch my acclaimed video on mortgage short sale. Learn about how to keep your good credit, avoid foreclosure, sell your house in nine days, and get out from under even if you have two mortgages or multiple properties. I never share your information and you will be able to instantly watch the video. Just enter your info real quick and then you will be watching the video.