Here’s my story. I’m a new renter after selling my house back in Feb. I have a good job in a stable industry. So far renting is working out pretty good. I found a decent 3BR house with nice yard in very nice neighborhood on North coast of San Diego. Rent is probably about $2500 less than any mortgage+taxes+HOA+Mello-Roos+HO Insurance+Maintenance+gardener, etc. I’m investing the difference and socking away max into 401K/IRA and trying to save for my kid’s college fund. I’m also trying to save enough for a huge downpayment when I’m ready to buy again.
This SoCal real estate market scares me!
I have a one year old, and I plan to rent for next 3-5 years, or until I feel that the market has sufficiently corrected itself. I’ve got a good 4 years until junior goes to school. I may be a unique situation, but I feel that you truly have to be nuts to purchase real estate in SoCal now. All the economic data seems to be pointing to a sustained slump similar to early 80s or early-mid 90s.
Great forum here. I think that the Union-tribune and other mainstream media quotes too may “industry experts” who happen to have a conflict of interest, e.g. Realtors, CAR, NAR, etc. These guys have lost credibilty in my eyes by pumping up the bubble in the first place and now hawking “soft landing”.
Also I don’t hold Mortgage industry in high regard, they extended too much easy credit and also played a big part in pumping the bubble.
