According to the writer, he says
"For the next two years, I'm cautioning people to watch their ratios between good debt and bad debt, and keep liquid reserves such as cash, gold, or silver.:
Sounds like he is saying wait two years. If you trust him, follow his advice.
Having sold and bought a home in this market (Nov/Dec 2006) here is what my experience tells me:
If you have a house to sell, sell now, get as much as you can and get into a house you want since it's price has come down too. If you wait to sell, you could end up selling for much less. Cash now is better than less debt later. It's a tough balancing point. You could wait to buy for less, which will reduce your debt and sell for less at the same time. Or, you can sell for more and pay more now, and use the gain to still reduce the debt. The breakeven point will be tough to calculate for the next two years.
If you don't have a house to sell, then waiting is a fine strategy, but don't let life pass you buy, if you find something that is right for you (the right house at a great price).
