Foreclosure Orman
Real estate and economy uncertainty: Sell and rent?
Yesterday’s Wall Street Journal had an article about Fannie May and Freddie Mac experiencing vulnerability due to the mortgage/housing market. The article quoted an analyst as saying, “We are seeing unprecedented foreclosures and declines in home prices not seen since the Great Depression.”
For those who are blessed with great equity in their homes and the ability to pay their mortgages, should they be selling their homes? Do very prominent real estate experts expect a major depression that would affect not only the housing market as well as jobs? If so, it seems the only way to somewhat insulate oneself from a housing disaster would be to own your home outright, have virtually no equity (thereby no financial loss), or sell and rent.
What about those of us who don’t have subprime loans, can pay our mortgages (in a relative stable economy) and don’t want to sell? What are some of the well-known financial advisers like Suze Orman and others like “Wall Street” saying?
I am sorry but I don’t follow your line of reasoning.
You don’t have a housing disaster if you can pay your mortgage. It doesn’t matter what prominent real estate experts say. If you have equity, can afford your payment why on earth would you sell and rent?
Do you have any idea how many ‘renters’ are getting notices that the landlord is in foreclosure and those renters are SOL?
Don’t apply whats going on in a segment of our economy to yourself when it does not apply to you. While your value may fluxuate due to the market…….you are in a position to ride it out if you can make your payment. Many investors are just sitting on the sidelines waiting and alot are hanging out at foreclosure sales. Its a time to buy not sell.
Turn off your TV. Your getting freaked into thinking about stupid moves when you have no reason to be freaked out.
Good Luck
OBA
New Tax Rules for Short Sales – Foreclosures
