[quote=flu]…I feel bad more so for people who are still renting and holding out…Because at least folks that made large down payments and got fixed rate mortgages still went through this with a nice low rate and probably ended up with a lower payment that renting by now…
Some (not all) that have been sitting out for a really really long time really, up to now, really got screwed…[/quote]
flu, I still don’t regret making a large DP and getting an adjustable rate mortgage. My payment has been going down nearly every month for the last few years. (Thank you, COFI!) It is currently just pennies from $1200 (P&I) for a 4/2 (2200 sf) SFR …. certainly cheaper than “rent.”
Your friends that have been sitting out and renting a long time should have bought by now. The “bottom” of the market has come and gone, IMHO. There is a saying that one doesn’t really know when it is the “bottom” of a market until it has already passed.
People who are renting but are qualified to buy and want to buy and have been “looking” for a few years are too picky, are lowballing too low and/or are trying to get a property in an area that is out of their league, IMO.
edit: The link I posted below, in error is (per the terms of BAC’s settlement) a description of the “mortgage forgiveness” portion of their loan modification programs. The “short sale incentive letters” are also part of that same settlement. Here is a link similar to what the OP posted.
