The real-estate market is about to hit yet another wall. We all know greed destroyed the housing opportunities of borrowers, so much so 1/3 mortgages defaulted. But, because the housing rates were so hard for people to acquire, rentals boomed. Now at this point, we are in a very awkward stage, one that is going to bind people financially regardless of renting or buying. Because the demand and sales of homes barely recovered, the demand for rentals however went up. As a result, so did the rental rates. Our rental rates are sky rocketing, and continue to go up every month in every city. Not only can people still not afford to own a home, which is now no longer part of the american dream, but there are more people bouncing from one rental to the next because of the greed now inflating rent, and rental requirements. Most families are now forced to live in unsafe or sketchy areas because the median rate attracts both the trash, and struggling. This middle class our government speaks of is barely a representation of the word anymore. Its gotten to the point where renting costs more then most mortgage monthly payments do, but because those loans are impossible to acquire with reasonable interest, and rates, youre forced to pay more for renting just to have that ease of mind not being owned by a bank. If the daughter of Chief Exec for Chase wont buy in this market, thats really not prompting people to have much faith in it. Miami rent is a joke, in most places around Brickell it went up $400. But because people have a mentality of image here, they pay it. Most renters in FL go negative or break even every month.
Posted on: Fri, 16 Jan 2015 20:14:26 +0000
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