This is a blog I just recently started reading, and have found it to be a great source for being frugal, making sound financial decisions, and I wanted to pass it on.
Here is a snippet from an interesting post about the housing market, titled “(Not) Keeping up with our parents: What to do about housing.”
“Figure Out What You Can Afford
This is not the amount of mortgage for which you can qualify. More than likely you can qualify for more than you can afford. You need to sit down with your spouse and make a reasonable budget. Live on that budget for a while. How does it feel? Will you be happy putting 30% of your income into a mortgage payment every month? If it’s comfortable, consider buying. If not, lower your expectations.”