Is that light at the end of the tunnel?
Yes, according to the Wall Street Journal of 2-25-09 the gap between renting and owning is now at an 18 year low.
" Cost gap returns to historical norms in some markets as house prices drop",quote the WSJ.
The difference between owning a home and paying rent has become much less. This should spur some sales activity especially when coupled with the current low interest rates.
"While lower rates could further boost home affordability that may not be enough to overcome a psychological barrier for many would be home-buyers who believe that homes will become even more affordable."
The article quotes Nicolas Retsinas, the director of Harvard University's Joint Center for Housing Studies." " People are still worried about falling prices."
Well maybe it not a very bright light right now but as the gap grows smaller and smaller we'll seen some postive results.
Bill McInerney, Realtor
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