Still Renting

Mortgage Lender Blowbacks

Which is yet another reason why people should not necessarily hand over the keys until the foreclosing bank can "prove" they have legal standing. With the legal standing comes the responsibility to maintain the property.

Searching for a Housing Bottom? Look at New Sales Activity

Prariedog, interesting comment at the end. I live in Seattle and decided back in 2005 that it would not be prudent to buy in this market. I still think it isn't.

Yet I just bought 13 acres in central Kentucky. The 30 year house payments will be roughly the same as my monthly payments on my six year loan on my old Chrysler.

The price was so low that the property could continue to lose 75% of it's value and it would still be worth it to me. It is because I didn't buy it as an investment. I bought it because it is exactly where I want to live and I can afford it.

And as you pointed out. Central Kentucky aint San Diego or Seattle. It just didn't run-up and will almost certainly not have all that much of a run-down.

Simple, really.

Better to Rent than Buy a Home

I live in a Seattle suburb.

A divorce forced me out of my home of 20 years over a decade ago. When I finally had the money to buy a home, the shenanigans started with mortgages (50% of monthly income became ok for a house payment). Although I turned out to be premature and could have made a killing if I had done "timed buy and sell", I decided to rent. In ten years I have paid between $1,400 and $1,750 rent to live in houses, all with two car garages.

My current home (which I rent) costs me $1,600 a month. Zillow had it at $525k a year ago. It is the nicest of the homes I have lived in with five bedrooms and even has a 1/3 acre professionally landscaped yard with huge deck and a 500 sq ft out-building. It is 8 miles from my place of work and a beautiful bicycle commute on a new road complete with bike lanes.

The amount of money I am saving every month by renting is obsene. I'd be nuts to buy in this market. Give it a few years, assuming this thing does not end in a hot war, and it will be sweet indeed.

A Tale of Two Coasts

Last I checked, New York city is a city, not a coast.

How's Florida doing these days. ;)