dumpster56
Thinks s/he gets paid by the post
- Joined
- Nov 28, 2005
- Messages
- 2,146
All the foreclosures where are these families going?
Definatly renting ... that's why rents are holding strong (even INCREASING). Rents dropping will another sign of a bottom formation. Eventually rents will drop as REO buyers undercut the rental market to get the best tenants fast.
Probably locale-specific. We were looking at renting after our house sold... The apartment we lived in 7 years ago was going for $100/mo less than we paid. Just about every house we went through was originally for sale but they couldn't move it and now it's for rent and they're hoping to stave off the bleeding by losing just a little every month instead of a lot. Even a month later, I'm getting call-backs to see if I'm interested in their properties.
The most surprising thing to me was that I could no longer use the monthly rent as a quick assessment of how nice a property was or what it included. That could be a sign of REO buyers just trying to move fast on property for sure...
The thing that I do not understand is why not just refinance the house with better terms? Some may not be able to due to the value dropping or not being able to qualify.
When I lived thru the Depression/Recession in the 1980's in Houston with 10% unemployment, I met one too many who had to just walk out and leave their house. ...