The amount of people “waiting to buy” when the bubble crashes is something I’ve never seen before.
There are an awful lot of people waiting to buy, we’ve also never seen prices so far deviated from underlying incomes and rents and that causes me concerns on few fronts:
1. How many are like me, capable of buying but not choosing to because renting is 1/4th of the TCO of home buying.
2. How many need prices to drop to be able to afford.
3. Latent demand is obvious from the amount of people touring. Is it possible that a majority ‘real’ buyers are out of the market?
4. So many vacant houses. Who did all the buying the last two years and what is their staying power?
The last is my biggest concern. I read posts like the renter that is in the middle of a rent skimming fight between ex-lovers and their RE Agent owning multiple houses in the OC Scam
Or like at all the pattern fraud on Bubble Trackers Inventory blog. Like the junk happending down in Ladera Ranch, nicknamed Fraudera Ranch in the blogs.
Or the failing flipmeisters on OC fliptrack.
And I wonder, what percent of the housing sold over the last one, two, three years wasn’t bought to be owned? I wonder about their staying power. And I wonder about the how many are apparently just grifting like the semi-landlords of our renting poster.
