Alex.
Summer before last I was at a bbq with an aquaintance who was becoming a friend. He was going to sell his house and move up, in fact he was in a double escrow. I explained to him what most people here seem to understand. That he was going to lose his equity that he could instead apply toward a house after a correction. He pocketed 86k and rented. The house he was selling is down 100k the house he was going to buy is down at least that much maybe even 150k. He is going to wait and see if maybe he can’t buy into a much better situation. The cost of his adequate rental is cheaper than the house would have been and the one he had.His down payment is growing too. He is paying off his cars so that when he buys a house it will be his only debt. I wish the Tribune would do more articles on “loser renters” like this.

Even if someone was not fortunate enough or established enough to have bought in 2000 they are still smart by renting. With maybe just a few exceptions anyone who rented during the last 4 years even without a stash of equity from a previous sale is going to be much better off especially compared to the people who bought in the last four years.It is getting to be a closer call, in some areas more than others. There is no hurry for renters to take off those dunce caps and enter the market.

I can understand you losing patience. Try to remember …”every dog has his day”. Maybe that will even include you, scruffy and schizo if you can wait until the market throws you a bone.