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Any body in the market for a home ask one question.
Should I buy or should I just go ahead and rent waded out to answer that joining us now is the real deal.
Founder and publisher a -- Cur ring you good to see you -- CDS -- -- -- nationwide.
Home prices have one's sure they've fallen by him about a third yeah.
Since their -- of the 2006.
It does that make buying and -- -- better option.
William every situation is different obviously any real speed is a very personal thing so for every -- -- it's different -- for every location it's different but nationally speaking obviously makes more sense.
To rent right now because their prices haven't fully Justin didn't we will find that out.
Until the foreclosures.
Plateau and then then we'll find out exactly how much you -- -- so right now makes more sense of rent.
It does makes more sense -- -- let you know listen realtors will say then okay.
Maybe on a monthly -- you're talking monthly dollar cost right yes but -- -- -- -- -- missing equity upside once the market turns back around -- missing valuable tax breaks what about.
What brought you know he wants -- debt that we don't know if we've hit the bottom yet although it.
-- things are looking better they're definitely looking better we are.
But that we don't know if we've had the bottom yet and -- think it's worth it to rent.
Right now until you've actually find out that you hit the bottom almost he had the bottom side of the bounce right back up is gonna stay at that level for -- offensive summit even in this opportunity.
But you will miss and you might already missed its 8000 dollar first time homebuyer tax until November 30 -- -- that you've got to go ahead and close before -- sure.
You're counting that's going to contract right about now but didn't know what I say to that is that you got to look at that -- thousand dollars and say.
Will the prices it just that much in the next year while I'm renting.
And if they do if the numbers make sense you know it's which I in most cases I don't think they would be 8000 knows -- -- they're gonna just at least that much more.
That's another way to look at it.
But it's definitely -- great -- I mean.
Public policy has always been since the Great Depression to promotes homeownership that's always eluded every president that -- goes down there's a lot of sort of -- as your benefits that you received.
Historically from ownership right and it's been quite a -- plus the psychological benefit of of being a part of the community more than as a as a red chair.
And it's and the unit of renters are you know it did and right they're not committed to the community is -- homeowners would be.
But yeah I mean does a dozen different things to look at what what about some of the areas the country like in California or even parts of Florida and Vegas where prices have fallen been cut in half or more summer down what 80% sure on -- it.
It doesn't make sense to buy there.
And now is it still doesn't because the wave of foreclosures haven't hit Florida yet he still -- -- hits until that hits you really don't know how they're gonna just.
And rents there are down -- everywhere down even in New York City rents are down 10% since last year.
So it's still great -- great value there that's my concern -- thousand dollar tax credit is expiring news talk but they want to renew with ten or even extend to -- -- up it to about fifteen everybody we've had on the show is said they think that they'll -- extended an -- Well -- -- -- happens -- thousand though is only for people who make him listen 75000 over time buyers like an oil sitting here with a double -- -- -- or almost -- at the fifteen open it to everybody no income and of course they wanna make it as broad as possible sure.
But you also look at the number arm and we showed this of the program Amir the number of arm resets to come the biggest wave of adjustable rate mortgage.
-- works and resets.
I don't get to let us make.
What's gonna happen nationwide with real -- overall -- -- and we do not get a renewal or -- of that I was listening to you earlier you were saying that maybe -- commercial mortgage won't be a wreck like a lot of people predicted.
And I feel the same way -- that I feel like somehow it's gonna get consumed as it has been like as prices come down the luck you see people coming into the market to purchase so somehow it's balancing itself out.
But then we'll see what happens and no one can really see the future when that.
When that we -- -- with the Federal Reserve is doing keeping interest rates at zero and doing any everything it can't keep mortgage rates low so.
How longer than -- able to do that for me that isn't doing as long as they can't get angry at Washington Post this morning the FHA may -- bust I mean their -- their over their caps -- deficit caps the federal housing and talk about eight months ago -- -- -- at the bailout the government right but the point is.
It it works in your favor if you're thinking about buying -- the government's going to be bailing you out.
Yeah I mean if he can really count on that but that would account on the government bailing me out when they get it done in the last year last thing should never ever buy -- house.
You know it's it's always been told to people in America and its American dream to own house and you know -- that's a false claim it's.
It's not for everybody it's not designed for everybody you know some people should not carry that burden.
It's almost irresponsible to do it and one of this size of that is the last credit the bus that we had you know we had leaders who were waiting tables and -- -- the homes because mortgages were some cheap.
And you know some people are not designed to own homes you know.
They changes and they multiple homes and apartments because I'm not a lot of home Eric thank you this site is the real deal the real deal dot com and --
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