The housing pain continues across the country with home prices still depressed and with the looming wave of new foreclosures prices will remain depressed for a long time. I am a lifelong renter. It is great. No value lost, items fixed on time and easily at no extra cost. I use the money I save to invest in commercial real estate deals.
It will be a long time before enough former home owners are able to buy again – thanks to short sales, deficiency judgments, job losses, foreclosures and other credit issues.
South Florida will recover faster than most areas since many of the buyers in that market are high end all cash investors.
With mortgage money tight, employment still soft and a glut of foreclosures on the way – it will be quite a while before home prices recover.