I'm Getting Depressed

For the past couple of years, housing prices have been going nowhere but down. But where I live (metro NYC area), we never really saw all that much depreciation. Nothing that no more than a couple of years of average appreciation or inflation couldn't cure. Recently, however, things really seem to have gotten to a pretty scary level. Prices just keep coming down. I had plans to fix my lawn, get a new porch, and maybe change the siding- but I'm holding off now until prices begin creeping up again. I feel that it does not make sense to keep putting money into something whose value is approaching my mortgage balance.

So for the time being, I'm sticking to things that need to get done. All the niceties will have to wait, no matter how disappointing it is.