Finals are typically at the forefront of everyone’s thoughts at the end of the semester. But for many undergraduates, the end of spring is also synonymous with another stressful responsibility — finding a place to live.Recently, the rising cost of living on campus and attractive mortgage incentives have persuaded more students to buy rather than to rent.Everybody wants a taste of the good life. But students considering buying should be cautious to avoid the housing market’s hidden landmines.The recent collapse of the housing market vividly illustrated how careless consumption can backfire when self-indulgence takes priority over responsible decision-making.From 1975 and 1999, national housing prices averaged $142,850 (adjusted to inflation), according to the U.S. Census Bureau.The economic slowdown of 2000-2001 marked the first recession in American history where real estate values increased. This exception was a result of lax lending standards, the Federal Reserve’s manipulation of interest rates and government efforts to artificially “stimulate” the economy following September 11.As a result, home values ballooned at an unprecedented rate, peaking near $260,000 by early 2006. Many Americans mistakenly viewed their homes as ever-appreciating commodities. Speculators began flipping residences as a profiteering scheme assuming real estate markets were somehow safeguarded from future economic downturns.Yet, contrary to many so-called experts’ forecasts, the housing market proved no exception to economic laws of gravity.The housing bubble burst by the end of 2006, sending shockwaves throughout the entire financial system and exposing trillions of dollars of phony wealth.While many progressive states have endured devastating foreclosure rates, experts claim Louisiana has fared better largely because of the state’s overall avoidance of the sub-prime market. Real estate hot spots like California, Nevada, Arizona and Florida witnessed as many foreclosures as one in every 15 homes. Louisiana, however, only averaged defaults in one out of 500 homes, according to RealtyTrac.com.Despite the fact nominal housing rates still exceed real market value, many speculators say lower interest rates and enhanced value have created a safer buying opportunity for local investors. But even with the expansion of federal relief initiatives intended to boost consumer confidence, financial security might still be an illusion — even in purportedly “stable” regions.No one is completely safe during a monetary collapse, especially if our government continues to interfere with the market’s correction. Federal attempts to arrest the decline of housing prices have merely served to inflame our problems, not extinguish them.In the short run, the benefit of ownership may seem obvious. But in reality, today’s risks are far greater than most students realize — even in our local market.Besides, you’ll regret putting your parents retirement savings in jeopardy when they are forced to move in with you fifteen years from now. A house should be seen as the result of hard work and thrift, not an ever-appreciating fountain of wealth.If our current crisis teaches us anything, it’s that our nation needs a productive, fiscally-responsible generation to save up and set a positive example.Fighting the desire to buy isn’t just responsible — it’s common sense. It’s like waiting until after your girlfriend’s period passes before having unprotected sex with her on her parents’ couch. Waiting may not be easy, but in the end, you’ll be glad you stayed out.So just let the menstruating housing sector finish bleeding its way back to health before inserting your stock in the heated market.Trust me — It’s for your own good.Scott Burns is a 19-year-old political science and business sophomore from Baton Rouge.—-Contact Scott Burns at [email protected]