Byline: Maryann Haggerty

Welcome to Real Estate Live, an online discussion of the Washington area housing market with Post Real Estate editor Maryann Haggerty.

Maryann has been with The Post for 18 years and has served as real estate editor for the last five years. She's been a business and real estate editor and reporter for about 25 years. In all that time, she still hasn't figured out where you can find a lovely but inexpensive house in a charming neighborhood.

She's online twice a month to answer your questions about the local housing market -- from condos and investment properties to contracts and mortgages.

For more on local real estate, visit washingtonpost.com's Real Estate section .

The transcript follows.

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Maryann Haggerty: Welcome, everyone, and thanks for joining me. Lovely day out for mid-November, isn't it?

On a macro level, the newest government report out today shows that housing starts plunged in October to the lowest point in six years, continuing the trend we have seen through much of this year. That means that builders are throttling back on new supply in the market.

On a micro level, though, I admit that most of my homeownership thoughts in the past few weeks have centered around a major renovation project in my back yard--new decks, new patios, new plants. It looks great, and I'm really excited to think that I'll actually be able to put a table and chairs on my deck this spring.

Let's hear what you have to say about buying and selling houses--or just living in them and, yes, renovating them.

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Bristow, Va.: I purchased a townhome in Prince William County (Bristow) about a year and a half ago, just about six months before the market slow down. Our plan was to stay in the house for five to seven years, and then sell and move on to hopefully a larger single family. As such we used a seven year ARM for the mortgage. In checking sales I am seeing that prices in the area are down anywhere from 10 to 15 percent from when I bought. How long do you see this trend continuing? Will my once sound investment turn into an albatross in another four or five years when I look to sell. Where do you see the market going from here? Have we hit bottom yet?

Maryann Haggerty: I truly do not have a crystal ball, as I try to say at least once per chat. No one can know for sure what will happen five years in the future.

That said, the reason that standard advice is to buy only when you plan to live somewhere for five years or more is because that is usually enough time to ride out market cycles.

I know it is nerve-wracking to see what you once thought was a sure-fire profit disappear. But please, live in your house, enjoy your life, and keep telling yourself that you can't change the future by worrying.

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Falls Church, Va.: My wife and I have our townhome on the market in Merrifield, Va. It is nice -- great location. It has not received any serious attention from potential buyers (lots of people 'just looking). It has been on the market around three months. We could rent it and then buy a new home with other funds (not our first choice but we would like to move sooner rather than later). How long would you suggest keeping it on the market before making this decision?

Thank you.

Maryann Haggerty: Three months is usually considered the point where you sit down and consider whether you are doing the best you can to sell. It sounds as if you are at that point. Are you willing to wait another three months, or do you just want to get on with your life?

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District Heights, Md.: I have lived in a townhouse community for the past 8 years. We have a Home Owners Association (HOA) who happens to be the developer, self appointed management company and HOA Board of Directors which we have been disputing the shady practices of since moving in. They refuse to hold meetings, provide billing details or names of board members. The home owners have contacted everyone from the county to the state government level for assistance as this has to be illegal but have not been able to get any assistance. They have violated just about every aspect of the Maryland Homeowners Association Act but I cannot seem to find which body of Government is supposed to enforce this statue. Can you provide any guidance?

Maryann Haggerty: In Montgomery County, you could turn to the Montgomery County Commission on Common Ownership Communities. In Prince George's County, where you live, such a commission has been recommended, but as far as I know, it doesn't exist yet. So try contacting the state Attorney General's office.

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Washington, D.C.: I've received in the mail a mortgage offer from ING Direct (Orange Mortgage). Apparently, it offers better rates than most competitors, low closing costs, no hidden fees, etc.

When time comes to buy, I will still do my homework and shop around for a good mortgage. But generally, I was wondering if you and your readers had any thought or experience about/with this kind of online mortgage.