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Old 03-05-2010, 10:53 AM
 
Location: Myrtle Beach
3,380 posts, read 8,178,722 times
Reputation: 2930

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They should pass a law where if you are renting from an owner and that owner forecloses, the renter should be able to scoop up that piece of property at a good price with a favorable financing package (assuming the renter is a first time home buyer). Good way for banks to keep the property off their books and good for the renters. Investors would probably not like this law too much though.
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Old 03-06-2010, 10:07 AM
 
5,453 posts, read 8,118,961 times
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This would be awesome and not only for 1st time buyers...
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Old 03-08-2010, 11:29 AM
 
Location: Myrtle Beach
3,380 posts, read 8,178,722 times
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Quote:
Originally Posted by algia View Post
This would be awesome and not only for 1st time buyers...

That's it. When I move I am going to join the dark side and become a politician. My slogan will be 'A Real Person, With Real Problems and Real Solutions.' lol OH wait, might need to work on rephrasing that....looks like I have personal problems with that slogan. When they find dirt on mr I could say, 'I told you I had problems. It's right there in my campaign slogan.'
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Old 03-10-2010, 09:02 AM
 
Location: Naperville, IL by necessity; Pinellas by choice
214 posts, read 615,699 times
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Originally Posted by AlaskaKash View Post
They should pass a law where if you are renting from an owner and that owner forecloses, the renter should be able to scoop up that piece of property at a good price with a favorable financing package (assuming the renter is a first time home buyer).
People do that right now ( unless you're advocating that the selling price and interest rate post-foreclosure be set by statute) as long as the renter has the downstroke and a decent credit rating.

Back on topic, there are calculators on the Web that can tell you which is more favorable - rent vs buy - and the breakeven point in years. The NY Times had a good one awhile ago.
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Old 04-22-2010, 04:10 PM
 
1,500 posts, read 2,904,886 times
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4th quarter 2009 rent to price ratio for Tampa came in at 14.3 down from 23.6 in bubble year 2005 according to Rent Ratios in U.S. Cities - Interactive Feature - NYTimes.com which notes that "One way to figure out whether to buy or rent is to look at the rent ratio: the purchase price of a typical house divided by the annual rent of a similar house. A number above 20 means you should consider renting. A number well below 20 makes a better case for buying."

Houses can be bought at better factors than reported. I bought mine at a rent ratio of 6.2 before repairs, at 7.3 after i fix them up to nice rental standards or even figuring what I'll eventually put into the property at a ratio of about 8.1, still 44% below the current average & 66% below peak bubble prices as figured in relation to rents.

Here are excerpts from the full article Economic Scene - As Markets Fizzle, Buying May Cost Less Than Renting - NYTimes.com titled In Sour Home Market, Buying Often Beats Renting by David Leonhardt & published on April 20, 2010

...In some once bubbly markets, prices have fallen so far that buying a home appears to be a bargain...In South Florida, Phoenix and Las Vegas, house prices — relative to rents — are as low as in places that never experienced a bubble, like Indianapolis and St. Louis...

...The Times analysis...based on comparing the costs of buying and renting a similar home...can never tell someone for sure what the best financial move will be. But it does show whether a buyer will need a big jump in future prices to cover all the costs of owning — including the down payment, closing costs, property taxes, mortgage interest, repairs and co-op fees.

...When you do the math, you discover that a ratio above 20 means you should at least consider renting, especially if you may move again in the next five years or so. When the ratio is well below 20, the case for buying becomes a lot stronger.

...In many large metropolitan areas, including...South Florida, the average ratio is now 16 or lower. It was more than 25 in several of these places at the peak of the bubble, about five years ago. With a ratio as low as 16 and interest rates as low as they are, the costs of owning can be less than the costs of renting — and buyers will end up worse off only if prices fall considerably more.
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