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Disspointing Crashing Housing news...

By CaptainShuddup   Follow   Tue, 3 Jul 2012, 10:30am   2,284 views   26 comments
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As if record low mortgage rates and beaten down home prices weren't enough to get prospective home buyers off the fence, there's another factor that has made the case for buying even stronger: rising rents.

U.S. rents rose an average of 5.4% over the 12 months ended June 30, according to real estate website Trulia. Demand from former homeowners displaced by foreclosure and potential homebuyers who failed to qualify for mortgages have helped to send rents skyward.

...

Where renters have been hit hardest: Among the 25 largest housing markets in the country, the steepest rent increase was seen in San Francisco, where new renters are paying 14.7% more than they did a year ago. Meanwhile, over the same period, asking prices on homes for sale climbed a mere 2.5% in that metro area.

Oakland, Denver, Miami and Boston also recorded double-digit rent increases ranging from 10.3% to 11.2%. Yet, only in one of those cities, Miami, did asking prices increase at a higher percentage than rents. In Boston, asking prices on homes actually fell 0.3%.

Better buy now or be forced to pay high rent forever.

Now is a good time to buy, get a nice town house just minutes from the Maul.

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1. thomaswong.1986 Follow Befriend 15 threads 3,093 comments

   1   8:33pm Wed 18 Jul 2012   Share   Quote   Permalink   Like   Dislike   CaptainShuddup says Where renters have been hit hardest: Among the 25 largest housing markets in the country, the steepest rent increase was seen in San Francisco, where new renters are paying 14.7% more than they did a year ago. Meanwhile, over the same period, asking prices on homes for sale climbed a mere 2.5% in that metro area. yes.. i read the article and it also suggests its the highest since 2001.. it fails to mention the peak in rents was actually around $4000 or so back in 2000. Rents will fall, in part due to other factors.. no sense employing workers in BA, were rents are higher than other part of the country... so job losses as we have seen will continue. Some of the people I know of who have been without a job for 2+ years are NOT being asked what they have been doing since being laid off for the past years. Its pretty well known its really really bad for many people out there. Higher rents will not make job expansion any better and hiring any easier...

2. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

   2   8:40pm Wed 18 Jul 2012   Share   Quote   Permalink   Like   Dislike (1)   Protected   Workers in SF do not need to live in SF. Companies choose SF because it is accessible by commuters from East Bay or South Bay (Bart/Caltrain). Probably commercial rent will get higher. But the tech boom may be coming to an end soon.

3. thomaswong.1986 Follow Befriend 15 threads 3,093 comments

   3   8:44pm Wed 18 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   As such still, you will find like Wells Fargo, Schwab, and many other operations outside of the Bay Area, Yes, their HQ with the BIG sign is still in SF, but fewer people.. Welcome to the telecom revolution!

4. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

   4   8:46pm Wed 18 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   SF is not exactly a great business to do business in. Other than the fact that it is attractive to workers, you have even more regulations and costs than California in general.

5. Patrick Follow Befriend (54) 5,240 threads 6,173 comments 46 male Menlo Park, CA Premium

   5   8:47pm Wed 18 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   thomaswong.1986 says yes.. i read the article and it also suggests its the highest since 2001.. it fails to mention the peak in rents was actually around $4000 or so back in 2000. This is true! My own rent is back where it was when I moved in in 1999. Rents were really high. I got a rent reduction for a few years when jobs were very scarce, but then later the landlord raised it back. Still, I shouldn't complain. It's an overall 0% inflation rate for me over 13 years. Actually less than zero.

6. mell Follow Befriend (5) 74 threads 1,404 comments Premium

   6   9:42pm Wed 18 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   Depends on the neighborhood - the sharp rise in wealthy neigborhoods with little vacancy must have distorted those figures. You can still get a decent 2/3 bedroom (even a free standing house) in the sunset for rent for 2500 or below. For the same space you easily pay over a grand more in pacific heights.

7. thomaswong.1986 Follow Befriend 15 threads 3,093 comments

   7   9:49pm Wed 18 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   Patrick says This is true! My own rent is back where it was when I moved in in 1999. Rents were really high. I got a rent reduction for a few years when jobs were very scarce, but then later the landlord raised it back. Still, I shouldn't complain. It's an overall 0% inflation rate for me over 13 years. Actually less than zero. crony journalism...

8. REpro Follow Befriend (1) 22 threads 478 comments San Jose, CA

   8   9:50pm Wed 18 Jul 2012   Share   Quote   Permalink   Like (4)   Dislike   Rising rent with stagnant salaries can’t go up forever. Property managers and landlords require showing income 3 times rent. With current trend, soon rental housing stock becomes available only for IT engineers and policeman. Low income families will have few options; squeeze to multifamily cramped unit, beg for section 8 voucher, live under the bridge or leave the area for good. In the very end one employed IT engineer will ask other laid off engineer to mow his lawn and pay him $300 for doing so or pay $30 for basket of strawberries. In consequence employed engineer will be force to work even harder, policeman issue more tickets, because cost of living is damn expensive.

9. CaptainShuddup Follow Befriend (1) 303 threads 5,304 comments

   9   8:44am Thu 19 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike (4)   @patrick is there a reason for HRHMedia running from post to post, not engaging in a discussion with the OP, but calling them names, and just disliking every post by those people? It was cute for while in his butchered grammar sort of way, but it's getting old. I mean come on, disagreeing with someone is one thing, but just being ugly engaging people to draw them out in race battles and bullshit like that is really getting old. And the same goes for the folks that follow Iwog around calling him a Liar after every post. I mean come on?

10. CaptainShuddup Follow Befriend (1) 303 threads 5,304 comments

    10   8:46am Thu 19 Jul 2012   Share   Quote   Permalink   Like   Dislike (4)   thomaswong.1986 says crony journalism... Why would you say that? I'm sure Patrick has better things to do than to make shit up about what he pays for rent.

11. Patrick Follow Befriend (54) 5,240 threads 6,173 comments 46 male Menlo Park, CA Premium

    11   9:17am Thu 19 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   In my own case, my rent is definitely the same as when I moved in in 1999. Believe it or not. It was a bit high for 1999 though. CaptainShuddup says HRHMedia running from post to post, not engaging in a discussion with the OP, but calling them names I agree he's being directly insulting to many people. I will delete direct insults if you point them out to me.

12. CaptainShuddup Follow Befriend (1) 303 threads 5,304 comments

    12   11:25am Thu 19 Jul 2012   Share   Quote   Permalink   Like (3)   Dislike (4)   ENOUGH!!! Go to your room!

13. CaptainShuddup Follow Befriend (1) 303 threads 5,304 comments

    13   11:45am Thu 19 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike (5)   HRHMedia says Obama is an insult to any one and every one that ever believed hard work, honesty and preference will reward the prudent. He is the antithesis of everything that is the American democracy.

14. CaptainShuddup Follow Befriend (1) 303 threads 5,304 comments

    14   12:01pm Thu 19 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike (3)   HRHMedia says I never said this you did? Well then learn to quote properly. May I ask for not only my edification but for all here that believe that you have taken leave of your senses. Just what in that statement makes you feel that is either racist or race baiting? Can I help it, you Libs just can't let a good Race argument go unwaged? That's "YOUR" hang up Pal. Besides what are you doing out of your room, I thought I grounded you?

15. SubOink Follow Befriend (3) 9 threads 716 comments Los Angeles, CA

    15   12:11pm Thu 19 Jul 2012   Share   Quote   Permalink   Like   Dislike   Patrick says Still, I shouldn't complain. It's an overall 0% inflation rate for me over 13 years. Actually less than zero. Very lucky. My rent for a 2 bedroom 2001 in Toluca lake. $950.- That same apartment now 2012 is rented for $1550.- I was shocked.

16. Patrick Follow Befriend (54) 5,240 threads 6,173 comments 46 male Menlo Park, CA Premium

    16   3:08pm Thu 19 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   HRHMedia says ... you lying shit. Comment deleted.

17. leo707 Follow Befriend (12) 10 threads 3,520 comments Oakland, CA leo707's website Premium

    17   3:33pm Thu 19 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   HRHMedia says How dare you. As long as I breath , never. Stop complaining about everyone who disagrees with you. HRH, you should not let Shuddup or any of his ilk get under your skin so much. Yes, they are boorish purveyors of absurd FOX "news" propaganda, but it just eggs them on when you let it get to you. Before you post a "spaz" response just consider, for a moment, their glee and the increased intensity of their game of stink-finger that would result from your response.

18. leo707 Follow Befriend (12) 10 threads 3,520 comments Oakland, CA leo707's website Premium

    18   3:55pm Thu 19 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   Patrick says In my own case, my rent is definitely the same as when I moved in in 1999. Believe it or not. It was a bit high for 1999 though. My case is similar except I am maybe a little bit higher now than in 1999. If my rent does goes up significantly then perhaps I will seriously look into buying.

19. Patrick Follow Befriend (54) 5,240 threads 6,173 comments 46 male Menlo Park, CA Premium

    19   4:26pm Thu 19 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   leoj707 says HRH, you should not let Shuddup or any of his ilk get under your skin so much. Yes, they are boorish purveyors of absurd FOX "news" propaganda, but it just eggs them on when you let it get to you. Before you post a "spaz" response just consider, for a moment, their glee and the increased intensity of their game of stink-finger that would result from your response. I agree. When you flip out, they win and giggle.

20. bmwman91 Follow Befriend (8) 38 threads 1,606 comments Mountain View, CA bmwman91's website Premium

    20   7:56pm Thu 19 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   Patrick.net is über versatile. It both educates visitors about how to not get burned by the housing market, AND how to not get burned by internet trolls!

21. HEY YOU Follow Befriend (4) 356 threads 965 comments

    21   12:20am Fri 20 Jul 2012   Share   Quote   Permalink   Like   Dislike   I know the trolls & I don't acknowledge them by responding or clicking Dislike but once in a while they say something funny.

22. CaptainShuddup Follow Befriend (1) 303 threads 5,304 comments

    22   6:23am Fri 20 Jul 2012   Share   Quote   Permalink   Like   Dislike (3)   Troll = We've tried to force them to agree with us, on a bunch of times, but he still wont change his party affiliation on his Voter registration card. You guys are classic. Conversation = Forcing your view on the OP while disagreeing with every thing the OP says. Open minded = Flame ignore un-ignore flame some more, rinse and repeat.

23. New Renter Follow Befriend (3) 14 threads 2,451 comments San Jose, CA Premium

    23   11:16pm Sat 21 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   HRHMedia says CaptainShuddup says Can I help it, you Libs just can't let a good Race argument go unwaged? That's "YOUR" hang up Pal. for example! I'm not even a liberal and yet they bash me with it like it's hitlers cock Social Media Guru Since 1999 Great, thanks for THAT mental image!

24. leo707 Follow Befriend (12) 10 threads 3,520 comments Oakland, CA leo707's website Premium

    24   9:20am Mon 23 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   HRHMedia says It's not one individual it's 5 or 6 extremists and and few others who chime in. How many you are responding to is immaterial. When you loose your cool you are letting them get the better of you. It gives them more joy than a bunch of toddlers get from a Wiggles concert.

25. CaptainShuddup Follow Befriend (1) 303 threads 5,304 comments

    25   11:47am Mon 23 Jul 2012   Share   Quote   Permalink   Like   Dislike (4)   leoj707 says When you loose your cool you are letting them get the better of you. It's OK Leo, I frisked him at the door, he's not packing any "Cool".

26. CaptainShuddup Follow Befriend (1) 303 threads 5,304 comments

    26   11:49am Mon 23 Jul 2012   Share   Quote   Permalink   Like   Dislike (4)   He's about as Cool as a traveling Bollywood troop, sponsored by Pabst Blue Ribbon, performing at the Waffle House. The Coolest thing about him, is that Tattoo or Hitler on his cock.