Posted on 05/30/2011 5:53:15 PM PDT by rabscuttle385
Link only, per FR posting rules
My son rented a piece of crap house w/4 bedrooms and a lot of room for all his stuff right off the freeway for 1300 bucks a month.
I recently, strongly suggested that he buy a house. He got a 3 bedroom, 1/3 acre, fully fenced with a large well-built storeroom. It has a new gas furnace and refrigerated air that the inspector said probably cost 12K. It is in great shape because all the things that were wrong with it his lender forced the owner bank to fix. His payment is 700 bucks.
The only bad thing is they must have watched DIY shows because the colors are horrid. He is painting everything white.
Obama’s depression, hyper-inflation and the next Wall Street crash prior to the end of 2011, shall be his disgusting, failed legacy.
In my area there are a ton of rentals (a lot of them homes that the owners could not sell and bank repos). In addition, the apartment complexes are all advertising free first month's rent, and all kinds of other enticements.
I have family in Florida that see the same thing - only more so. In those cases there are whole subdivisions and condo buildings that didn't sell. They are all for rent. Even the ones that are selling are mostly selling as rental investments. One brand new condo building in their neighborhoood went to Section 8 in order to get it rented.
Rents will be high for 2 or 3 years, until the REOS disappear.
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