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pipsxlch wrote:
Ah. Here, the real estate prices have plummetted to half of what they were, but rents haven’t dropped at all. There are many many people looking to rent instead of buy, also. (too many too tight hoops to jump through for most of the people who’d want the cheap houses, so they have to rent. The houses pretty much only sell to investors as future rentals when they really drop in price)
We are having the same problem here.
I paid $197,000 for my condo and the current market value is about $71,500 but the rents are still about the same in Lodi
I think they did go down a little in the bay area thoughThe deal with the rents not going down is because these landlords know that when people lose their, homes they have to live somewhere. So demand is high and they’re taking advantage of it. And you can bet your sweet bottom dollar that they will stay high because my feeling is that these same landlords don’t want you to be able to save and buy a house! Like you right where you’re at and at their mercy. The same with employers–just want to work the heck out of you and pay you squat!
But what goes around, comes around and karma is gonna have a big feast biting all these behinds! 👿
The whole thing is pretty much craptastic all around. It sucks what is happening all over to so many people as companies are suffering with the bad economy. Everything is so linked in. I was laid off last year in July when my job got outsourced to India to cut company costs. All I got out of that was 2 weeks severance and my unused vaca time. Better then what alot of people have gotten though. I finally got work a month ago, but for sure it was a struggle the last couple of months. I just kept the faith that everything would work out somehow and it did. It is hard, but chin up! Hang in there!
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