That is a good question. Many of my collegues and I think that prices will hit bottom this year and level off. Then they remain somewhat flat for the remainder of this year and begin a return to a modest rate of increase in 2009. This is only an opinion. There is no way to predict the end of these troubles in the real estate market.
Since you state that you plan to stay in your home for a few years, I believe that you will weather the remainder of the storm well. I think you made a good decision and as long as you do not have to sell anytime soon, you will end up with a net gain in your home's value.
The National Association of realtors says that this is great time to buy and I agree! Good luck with your new home and I hope you have many happy years there. - Wed Apr 9 2008, 13:14