Exurbs, Once Meccas for Homeowners, Now for Rent

Need for mobility trumps low prices: Justin Martin

(NEWSER) - Realtors scratching their heads at why more would-be homebuyers aren't jumping at record low mortgage rates will want to read Justin Martin's pro-renting essay in the Christian Science Monitor . In theory, he's the model potential buyer: He's a renter in his 30s with a good job and good credit, and prices are affordable where he lives in Maine. His conclusion: "Pass." More»

And there's no bottom in sight

(NEWSER) - The housing industry keeps finding new lows: Today's Case-Shiller price index shows that prices fell in the first quarter to the lowest levels since the crash began, reports the Wall Street Journal . The drop of 4.2%, on top of last quarter's 3.6% drop, is evidence of a "double dip in home prices across much of the nation," says an S&P official. The percentage of homeowners, meanwhile, has fallen to 66.4%, on par with levels in 1998, reports the New York Times . That's down from 69.2% in 2004. More»

Housing market gloom is over-hyped

(NEWSER) - Has the housing crisis scared you out of the market? Too bad, because there are still many good reasons to buy, writes Brett Arends in the Wall Street Journal . A few points to consider before hopping on the first train to rents-ville:

• You could get a deal: Prices are down—way down. "This is a buyer's market," Arends writes, especially if you're willing to play hardball. Could prices drop more? Sure. But that "doesn't really matter so much in the long haul."
• You'll save on taxes: Usually, "the breaks are more valuable the more you earn, and the bigger your mortgage," Arends says. So run the numbers—you could save on income, real estate, and capital gains taxes.

US on track for 1M foreclosures this year

(AP) - Lenders took back more homes in August than any month since the start of the US mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, RealtyTrac said today. In all, banks repossessed 95,364 properties last month, up 3% from July and an increase of 25% from August 2009. More»

Well-to-do buyers weren't immune to wacky loans, and they're coming due

(NEWSER) - The country's most expensive homes are now making up a larger segment of foreclosures in the most recent spike of mortgage defaults. An analysis of recent data shows that 30% of June foreclosures involved homes valued in the top third based on location; that’s up from just 16% at the beginning of the crisis. “The slope of that curve in recent months is much sharper than it was recently,” an economist tells the Wall Street Journal. More»