Today's Buyer's Dilemma: Buy a new home or a new car?

The only major market that may be faring more poorly than automotive during this economic recession is housing. While cars just aren't selling, homes aren't selling and they're dropping in value by 30% or more. Unlike the auto industry, though, home sales actually increased by 6.3% versus December.
The reason for the sales spike has a lot to do with the amount of foreclosures on the market right now, with over 20% of all homes selling for $100,000 or less. Many homes have dropped so far in value that they're now worth $20,000 or less. We're not necessarily talking dilapidated goods, either. In some cases, a brick, 1,100 sq. ft. home in the Midwest with three bedrooms and two bathrooms can be had for the price of a meagerly equipped Toyota Camry. About five years ago, that same home could have cost more than a Aston Martin V8 Vantage. It seems like just yesterday when people were offering up free cars as an incentive to buy a home. Soon it will be the other way 'round! Thanks for the tip, Pete.
[Source: ABC News | Image: MSN]