I do see alot of buyers out there who are buying with a wary eye and a sound strategy. I also do not believe there will be a catastrophe with regards to defaults. I have posted before that I believe there will be some form of bailout if that is even needed. I think the lending industry will cope by coming up with refinance mechanisms that will be in line with the “more stringent guidelines” and that will enable distressed buyers to postpone the inevitable. Again, the lending industry doesn’t need to stop foreclosures altogether, they really just need to smooth them out over a longer period of time to avoid crashing the market. Personally I think they will be able to do this. Finally I have not heard any commentary about who will supposedly enforce these guidelines. Until they are law I don’t see any change at all.
Perry/Josh – I think that the quality of life is or can be just as good renting as if you own the home HOWEVER you are more subject to the luck of the draw. My first landlord said no way would he sell…he changed his mind. Bad luck I guess. Owning lots of pets doesn’t help, it certainly dimishes the rental stock you get to choose from. So it is pretty much to each his own. For me, it has gotten old, for many or most others on the forum it is great and no problems at all…
