Thanks guys, It is true that market is down or housing business was unnecessarily booming up than it supposed to be. It is why we have seen a lot of foreclosure houses are available in the market. Even Jews people in Manhattan are in dilemma, they own over 75% houses of NYC. We can’t predict the US economic for 2009, but all I see is that buying foreclosure house which has at least 50K or more equity won't be a bad idea. One of the real state brokers whom I know very well told me to buy a foreclosure house, and later on refinances. I don't know much about this stuff, but I have an offer....