To all the other smart renters out there I thought I would share my story. I am currently moving out of my place in Coastal Carlsbad because the property owner is foreclosing. We looked just about everywhere for a nice place and even contemplated getting a short term rental to give us time to find something. Low and behold a few days ago I walked down the street and found a home closer to the beach (a stone’s throw), a nice yard for my dog and 2,000sqft of space. All this for a whopping $2,400/month.
Why would anyone want to buy in this market? Rents are retreating and the government is doing everything in their power to delay the inevitable. As frustrating as this is, it makes it a whole lot easier for us renters to keep renting. This has been the easiest decision of my life. I will sign lease after lease until prices fall back to reality.
The thought process of our government sort of makes sense to me. They have taken tax payers dollars in the form of a long term loan (to the RE market), hoping that they can delay the market to the next upward cycle and make their money back. In between all that garbage is a bunch of corrupt politicians and CEO’s living it up while the citizens wait for their IOU’s received from our government! The idea makes sense, the people behind it don’t.
Macro you are right and I have been saying the same thing for a long time. There will be another revolution in this country in order to fix the problem. Raising taxes and sending out IOU’s is not the answer. America has failed its citizens and week by week I wonder when the rage in the streets will begin. I think a tipping point of my frustration was the party by Northern Trust this last weekend. Didn’t we learn from AIG? What the hell is wrong with these people? We need to go back in time where the citizens are able to publicly ridicule these CEO’s. If this country wasn’t so liberal, I would say we need to stone some of these guys!
