yup, just bought as well for the first time. good sized downpayment, 30y fixed. don't really care what happens to the market now, since we're locked in and can afford the monthly payments. we were able to take our time, look at a variety of different houses before deciding on the one we wanted, and were able to negotiate from a position of strength. we don't *need* the house to appreciate in value, we just have a nice place to live... feel somewhat vindicated renting (and saving) for the past several years while everyone was jumping onto the interest only, option ARM bandwagon, but have to admit moving from LI to the midwest also helped quite a bit as well......one thing I do know about this is that, with all these foreclosures, alot of friends of mine (mid-20's young professionals) are buying homes with ease...my family included.