Owning versus Renting
Get this. My landlord wants to raise my rent. 
I realize she is a bit delusional, but she is in for a harsh awakening when I move out and she cannot find a bid for even 85% of what I am paying now. I have tried to explain this to her, but to no avail. She does not live nearby, nor does she understand the current housing situation.
All she knows is that she is losing even more money against her mortgage as they have raised her interest rates (I know she has some sort of ARM, not sure what exactly). I have encouraged her to have the tax assessor out to reduce her taxes. I hope she follows that advice. She should also try to get out of her ARM and into a fixed-rate mortgage, although I do not have the patience to try to explain to her the situation (she must be at least 70).
Fortunately for me, I am seeing the exact same size place as mine, 1 or 2 blocks away, brand new or newly remodeled for 15% less than I am currently paying. Yup, still a renters market.
*image source: dilbert.com, nytimes.com
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Might be a renters market where you are but when houses are selling for below $50,000 in Las Vegas, Miami, and Phoenix I think the buyers market is starting back again=)
THe July 13th edition of Forbes magazine has an article: “Late to the Funeral” under Ideas and Opinions section. The last 1/3 of the article talks about Santa Monica and the number of listings on the market, how the prices are still going down, as they haven’t caught up with LA in general yet. They estimate the market could tumble as much as 27% in next year!! Good time not to buy, send the article to your landlord. Tell her to lower your rent and hang on or she’ll go under.