https://www.siliconvalley.com/2022/08/08/hesitant-home-hunter-seeks-insight-about-expensive-surprises/

Q: In 1989, my parents were overjoyed to buy a single-family home after years of saving up for a down payment. The joy was short-lived. According to my father, the property lost $1,000 a month in value for 60 months. That was a lot of money at the time. Their Bay Area house appraised for $240,000 at purchase. Years later, the home sold in a bank-approved short sale. They lost their 20% down payment. It was devastating. My parents eventually received an IRS 1099 Form for $20,000 as mortgage debt relief.

As rates rise, my in-laws are nudging my husband and me to buy a home. I’m not thrilled. The four of us went home shopping last weekend. The standouts were a small single-family home in an older neighborhood, a large house in the mountains above Silicon Valley and a one-bedroom condo with a view, den, and large balcony. We could afford the condominium on one of our incomes.