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I have done the math... and once you factor in interest(you don't get all your money back on a write off...) and property tax, and homeowners insurance, and flood insurance, etc. you come out ahead by renting a decent place...
plus if your plumbing explodes or the roof blows off its not your problem
it only made sense to get a loan when the bubble kept prices climbing.
if you can come up with enough money for 20%, just save money till you can come up with 100% and buy the damn thing... you pay for a house 5 times over on a 30 year loan(depending on interest of course) just rent a reasonable place for 6 years(not available in all parts of kalifornia) and then pay in cash
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Dude, there's my car! 
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