A survey commissioned by a national federation of state and local apartment associations shows that most renters will not be jumping into the U.S....
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A survey commissioned by a national federation of state and local apartment associations shows that most renters will not be jumping into the U.S. housing market anytime soon. Has renting become the smart decision?
BY PAT SUMMERS
In a recent poll conducted by Harris Interactive and commissioned by the National Apartment Association (NAA), 1,258 homeowners, 563 renters and 228 people who live with friends or family were asked about buying and renting in the current housing market.
Of the current renters who were surveyed, 69 percent say they plan on staying renters for at least five more years. Fifty percent say they will stay in their current residence unless forced to leave.
The vast majority of survey respondents--71 percent--agree that there are advantages to renting vs. owning in today's housing market. Forty-eight percent cite financial reasons, while 32 percent appreciate the flexibility of a short-term lease.
More than three-quarters of the 2,000+ people surveyed think that the troubles currently plaguing the housing market will get worse or stay the same over the next six months.
While most homeowners believe that the housing market situation will not get better soon, the majority plan on staying where they are for the time being. Seventy-two percent of respondents said they will stay in their home for at least the next year.
The decision to rent or buy is very personal and should be based on individual circumstances. For some people, buying makes sense; for others, renting is the best option.
That said, it might be wise for anyone who is renting to consider staying put--particularly if you don't have to leave! The housing market is in turmoil right now. Prices are dropping faster than they have since the Great Depression, foreclosures are rampant and home sales are positively stagnant.
If you buy this year, there is a very good chance that your home will be worth less in only six months time. In fact, buying now is almost the equivalent of throwing money in a trash can.
The best thing you can do is give the market time. It makes absolutely no sense to buy an overvalued property. If you don't believe me, just ask the millions of people who have or are in the process of losing their homes.
Home sales declined once again in the San Francisco Bay Area over the month of June. According to the most recent reports, homes sold at their slowest pace for 12 years, and prices have begun to dip as well. Markets that performed the worst last month include those in Napa County, Solano County, and Sonoma County.
Slow home sales, rising foreclosures, and falling prices continued to plague the San Francisco Bay Area throughout the month of May. Housing markets seeing the most turmoil are located in Contra Costa County, Napa County, and Solano County, but virtually no market in the nine-county region has experienced improvement since the bust.
The San Francisco Bay Area housing market continued its downward spiral during the beginning of the second quarter. Home sales dropped dramatically through the nine-county region and prices remained stagnant.
The recent rise and fall of the U.S. housing market is not that different from Japan's multi-decade housing crash. We'll compare the two bubbles here and see if there is anything that the U.S. can and should learn from Japan's fallacies.
The San Francisco Bay Area housing market set yet more records during the month of September. Homes sold at the slowest pace seen in two decades and foreclosure activity was higher than ever.
The housing market in the San Francisco Bay Area continued to struggle in the month of March. Home sales were at the lowest level since 1996, with Solano and Contra Costa Counties seeing declines of more than 30 percent. Median prices also fell in several counties in the nine-county region, but for the most part, prices remained flat.
The housing market continues to slip in most parts of the Bay Area. Median home prices dropped most notably in Sonoma and Solano County, while Marin and Santa Clara County housing markets saw modest increases.
Federal Housing Authority loans are perfect for the first time buyer looking to pay a low down payment and in need of flexibility. This brief article explains what they are and how they work.
The home buying market can be a struggle for some potential homeowners. If you're feeling this financial pressure, you're not alone. To ease some of this economic stress, the Federal Housing Administration (FHA) has implemented home loan programs for those who have special financial circumstances.
The government is so intent on treating the symptoms of the most recent housing market debacle that they are failing to address the actual root of the problem: home prices.
The San Francisco Bay Area housing market is showing serious signs of distress. During the month of August, home sales plummeted, median prices were up and down and foreclosures skyrocketed. The most depressed areas seem to be Contra Costa County, Solano County and Sonoma County.
The San Francisco Bay Area housing market continued its downward slide in February. Home sales fell sharply across the nine-county region, and median prices remained flat. Contra Costa, Solano and Sonoma Counties fared the worst; Marin County and Alameda County performed the best.