If now is not a good time to buy why are all well priced foreclosures being sold in less than 2 weeks with multiple offers, by investors who are renting them out and getting people like you to pay their mortgages for them. Why would you not want to pay for a 30yr fixed mortgage at @5% for the same amount you pay for rent? Sure the price may drop another 10%, but if your rental drops in value does your rent? No, it may increase if your land lord wants to. The value of your home will increase. Maybe tomorrow, next month or next decade, but it will always rebound.As for your thoughts about the people that don't have money, thats false. There are a lot of people who do have the money in the bank, but can not get financing. When you buy a house for $700k, and then the value drops to $350k and your still making those large payments and barely getting by, it takes a toll on you mentally. Then you see you can rent a similar home that some investor just bought as a foreclosure for drastically less than your payments. You stop making payments on your home, save 5-9 months worth of payments up, get foreclosed on and move into a nice rental and wait until you are able to financing.
"Five Reasons Not to Buy a Home This Year"
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