That’s why I’ve argued that if you have patience and can rent a nice place to live, you’ll be rewarded.
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Hmm, let’s see, checking the date…
Hmm, checking the date of the start of the decline…
Hope you enjoy renting because frankly, you’re going to rent a long long time. Banks are incented to delay foreclosures and rates are so low that your choice is to rent or buy a hovel for a half a million dollars.
Take your pick, you get 30 years of paying the bubble inflated rent, either as a renter now, future renter of a buyer now or a be the buyer now.
And I’ll wager that renting a ‘nice’ place is going to see some pretty scarey rent increases in the future, because frankly, the majority of Southern California housing stock is sh*t. It’s dated, poorly maintained, poorly constructed and poorly laid out. And most of it is just plain old in poor shape.
And the majority of private rentals are the most neglected of the housing stock.
