Zillow Advice: Rent vs. Buy - The Bottom is here, it's official

lots of info on this article ...

Tue, 11 Aug 2009 23:58:00 GMT

lots of info on this article will contradict the hope that the bottom is here.
U.S. Underwater Mortgages May Reach 30%, Zillow Says (Update2)

http://www.bloomberg.com/apps/news?pid=20601087&sid=arpJHI9U42Rs

whats the term read em and weep.

here are a couple of lines of info from the article.

" About 25 million homes, or 48 percent of mortgaged properties, will be underwater as prices drop through the first quarter of 2011, Karen Weaver and Ying Shen, analysts in New York at Deutsche Bank, wrote in the report"
"We haven't seen a bottom in home prices, and it could take into 2011 before we see equilibrium in the market," said Michelle Meyer, an economist at Barclays Capital in New York.)"

of course they could be all wrong

Waitingitout, you can't tell ...

Tue, 11 Aug 2009 00:25:00 GMT

Waitingitout, you can't tell me you're not excited that the bottom is finally here! (Delighted squeal) I wonder if it's wearing boxers, briefs or a thong ;)

Seriously though I think it's great that you waited and I have no doubt that people are jealous of you. I always find great info on the board and sometimes just considering another point of view can help me make better decisions or come up with a solid plan even when I don't agree with the poster 100%. You keep waiting and watching until the market looks good to you. You sound like pretty smart cookie to me.

Good gosh - bottom here my ...

Mon, 10 Aug 2009 23:42:00 GMT

Good gosh - bottom here my big one!

My landlord just lowered my rent...But before you judge me because I'm a renter take note I sold to ride this wave out. So many people say how jealous they are of us. I'm thankful we listened to the doomers here on this board!

I am happy in the new place. ...

Wed, 22 Jul 2009 03:33:00 GMT

I am happy in the new place. I've never hidden the fact that renting was suboptimal for our situation, or that after owning for so long, renting again had challenges. Good things generally don't come without sacrifice.

We do love the new place. I'm not much of a home-lover emotional type, but this place is beyond what I'd really ever hoped for from this bubble. Much much more. It was so worth the wait. I'm talking, 1.5 acres in a 3000sqft 4/4 amongst the Redwoods in prime Marin worth the wait.

All that for much less than I'd have paid for a barely 2000sqft McCrapsion in the fog, near the highway, on a postage stamp sloped lot with easements back in 2005.

Good things come to those who wait.

WTF Randy, don't you have ...

Tue, 21 Jul 2009 22:23:00 GMT

WTF Randy, don't you have some painting and home improvement to do......or have you gotten that urge to HGTV a home out of your system like I have after a few years of renting. Just kidding.

When I was moving and selling my house and told my neighbors we would be renting where we were going they all gave me the "oh dear, is everything okay with you guys". It was no surprise when I heard a rumor that my hub had lost his job, we were broke, and being forced to rent.......LMAO. I hope some of them have googled my hub so they can see he is A-otay. I think some people loathe others and they just have to find a way to elevate themselves any way they can......we know the REAs do by saying anything other than owning is treason and un-American (yes, that has been shot out before in here--mebah)

Ok you got me there. I happily ...

Tue, 21 Jul 2009 19:46:00 GMT

Ok you got me there. I happily admit my mistake :) I don't think I had a chance to tell you how glad I am to hear that all is well for your and your family in your new place. It sounds like you got a a great place that fits you after patiently waiting for so long. Are you still smiling? You sure earned it and it couldn't happen to a nicer fella. Congrats!

Renting tells you nothing ...

Tue, 21 Jul 2009 19:05:00 GMT

Renting tells you nothing about a person good or bad. It is only tells you about the ownership of place where they live.

I disagree. Renting can tell you a lot about a person if they needed to sell for whatever reason in the period from 2001/2 until 2005/6. If they rented instead of rebuying, they will tend to have a much higher IQ than if they quietly ate their mashed peas and went along with the program.

Irritating and laughable ...

Tue, 21 Jul 2009 16:31:00 GMT

Irritating and laughable at the same time. When I told people we were renting they gave me the "Oh you poor thing" look. Some went as far to say that they would never sell unless they had already bought something else. I told them I was waiting to buy cheaper after the market corrected, they dismissed me as not understanding their point of never being willing to rent. Whatever.

Renting tells you nothing about a person good or bad. It is only tells you about the ownership of place where they live. Nicest house I ever lived in was a rental. I was grateful that I never had to worry about dealing with the pool, but it was sure fun to swim while I lived there and great to have an owner pay for pool care and the new pump.

Amen Sunny. There are ...

Tue, 21 Jul 2009 15:54:00 GMT

Amen Sunny. There are several people in my neighborhood who treat me as if I am some flight of night person who will be on my way due to some type of financial detrement since I am but a renter and therefore unstable unlike all of them who own and yet are so underwater. We had a family recently just up and move, no one knew it was coming. Apparently he lost his job and they were leaving the house to foreclosure and no one knew......but hey, they are states away and will likely never see any of us so easy for them.....but hey, who am I compared to those fabulous owners who ditched and here I am the renter who is percived as less than the stable owner. It is all perception, cause afterall, how do you convince a class of people to put their financial health on the line and live hand to mouth all in the name of being an "owner". Laughable isn't it.

I think that if you can rent ...

Tue, 21 Jul 2009 15:27:00 GMT

I think that if you can rent cheaper than owning that you have to look carefully at your area to see where values are headed. Some market drops are slowing or even weakly holding small gains while others are still dropping strongly. The $8000 credit is a cushion, but if your market has another 10% like mine does to give back it won't go far to keep you above water.

Buying smart and seeking value is the only chance you have of coming out ok. Selling high during the bubble and renting was smarter for my family also, but I took a lot of crap for doing it. I never realized how much prejudice there was against renters until I sold and rented after owning. It thought that renting was just about the place you lived an did not describe you as a person. I was wrong. Renters apparently are unwashed, undependable, slack jawed, credit damaged and financially irresponsible. Management companies treated me badly until they saw my perfect credit and the cash in the bank from the sale of the house plus my original down payment. Without fail, they asked why I was renting and did not buy again. Renters are simply people who do not own often for valid reasons and they are not stupid or damaged. The only damaged people I know now seem to be the owners who bought during the bubble. Ownership has certainly not served them well and the current renters are much better off taking their time, researching their market and finding a good match before they buy.