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Wait. You don’t want to be upside down in the approaching market. In the first quarter of 2009, housing prices will hit rock bottom. That’s the time to buy. But if you owe more for your house than you can sell it for, you’re stuck. Save your pennies for that rock bottom market, and then you can buy low, wait til prices creep back up as they always do, and then your gain could be so large you’ll need to do a 1031 Exchange to shelter it.