The housing crash is converting long-time renters into buyers now that both prices and mortgage rates have dropped. In many cases, new buyers find that after taxes, owning actually costs the same, or is cheaper, than renting. A Reuters story about the new boon for would-be buyers has a lot of ink on San Francisco, citing a 31.2 percent drop in home prices in December, compared to the same time a year prior. Not that it's a feeding frenzy or anything, but things are looking good for people who've always wanted to buy. In the story lede, a six-year renter swaps a tiny apartment for a 4-bedroom Victorian, and ends up coming out even: "Everyone was saying home prices in San Francisco would never go down, but any time someone says something will never happen, it usually happens and it is time to be a contrarian." Kinda makes you want to run out and buy a house, too, doesn't it?
· U.S. renters turn buyers as homes become affordable [Reuters]
The Dream Is Real: Renters Become Buyers
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