Renters have to be aware of the situation they are getting into. This could be a good opportunity for us – I am renting at less than half market rent in Temecula because the homeowner’s 2/28 is resetting next month. (Payments are jumping from $1800-$3500) They hired a lawyer and are fighting to keep their house and just want someone reliable that will provide a small income and rent month to month. I see this whole decline as an opportunity to save a lot of money on my rent costs and eventually buy something at a reasonable price. If I have to move I can take my pick of any one of hundreds of people in similar situations. I wasn’t dumb enough to take out a mortgage I can’t afford and now I can further benefit from these people’s lack of sense. Thanks to this site I feel affirmed for not buying in the last few years when all of my friends did, and they were very vocal making fun of my husband and me when we kept renting, but no one says anything to us about it now!
