Rent Vs. Buy Myths That Ruined the Housing Market

[theblue]

@Syclone11

Right now with the way the market is and the foreclosures that is not necessarily true. Many of the mid-to higher end houses in the Central Florida area are being foreclosed due to people who go interest only and adjustable rate mortgages and defaulted. The banks were practically giving away loans 3-5 years ago here in the area due to the mass amount of housing developments that were going up daily to accomodate the housing boom here in Central FL. People ‘bought’ into the theroy that they could refinance or sell their houses for profit before the interest only or adjustment period came due. Unfortunately, that was not the case and a house that may have appraised at $300k 3 years ago is now appraising at $260 -275 along with a hit of 5% now that it is considered a ‘depreciating market’.

agreed, I was talking more of WNY where we didn’t have the boom.

for some reason you post reminded of my ditech’s stupid slogan “people are smart”… I f-ing hate that slogan because it means less than nothing.