It's been a long month in my quest to purchase a condo in Bushkill, PA. My goal was to purchase a condo as my primary residence and move to Bushkill. It's close enough to commute to Manhattan when I need to but far enough to give me peace and quiet when I don't have to commute into the city. After a month of going back and fourth everything collapsed this week.

I was working with a great group of folks to pursue my quest of purchasing this condo. My loan was approved and just waiting a few details to iron out. This week, Indy Mac, who was servicing the loan, ceased all operations.

"IndyMac said Monday that it will reduce its work force by 53% to about 3,400 and stop making most types of mortgage loans."

I was obtaining a loan that IndyMac will no longer service. The reality of the economy and the real estate market really hit home. A months worth of work and nearly ready to move into the new place crashed. I was so far I already purchsaed the condo insurance and put down $600 for the year! I spent close to $2,000 on the deal and all that money will go down the drain, or at least a large portion of it.

I've decided to lay low the rest of the year. I do not have the time to try to pursue this and with the current market the conditions changing daily for home loans (along with mortgage rates) it's not in my best interest to try.

I truly can't believe the current state of the housing market!