The number of foreclosures will set new records this year, and rates are ten times historic norms. It will take at least three more years to clean up this debris.
Irvine Home Address … 17255 CITRON Irvine, CA 92612
Resale Home Price …… $498,000
walk away and taste the pain
come again some other day
aren't you glad you weren't afraid
funny how the price gets paid
Red Hot Chili Peppers — Taste the Pain
Homes lost to foreclosure on track for 1M in 2010
LOS ANGELES — Rosalyn Dalebout rents out space in her home to three tenants, has cut off her phone service and canceled her earthquake and life insurance — all to pay her mortgage every month.
So far, she's one of the lucky ones.
Lucky? Stupid is more like it. Are we supposed to look at this woman as the modern Joan of Arc? Lenders would love for her to be a role model. When she starts turning tricks, then we will know she is serious about keeping the property.
More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.
Nearly 528,000 homes were taken over by lenders in the first six months of the year. If foreclosures continue at that rate, the yearly number would eclipse the more than 900,000 homes repossessed in 2009, RealtyTrac Inc., a foreclosure listing service, said Thursday.
"That would be unprecedented," said Rick Sharga, a senior vice president at RealtyTrac.
Lenders have historically taken over about 100,000 homes a year, he said.
realtors are celebrating "the bottom" yet we have double-digit unemployment and foreclosures occurring at ten times the historic average. Lenders may attempt to meter these properties out to the market, but they certainly have a great deal of inventory to absorb. And despite claims of booming sales, the actual sales rate in Orange County is still well below historic norms.
The surge in foreclosures reflects a crisis that has shown signs of leveling off in recent months but remains a crippling drag on the housing market and the economy.
Many homeowners struggling to make their monthly payments have had little success in negotiating more deals.
That is why many homeowners are walking away from their mortgages. The "deals" they are being offered aren't that great. What these borrowers really want is housing that doesn't cost them anything, and every now and again, they want to have the house give them some free cash. Unless they get that, they aren't going to be satisfied. The housing bubble has created a distorted sense of reality among loan owners.
Dalebout, a manager of a recreation center who lives in the Salt Lake City suburb of Holladay, said her lender has refused to refinance her loan with lower rates and payments.
The monthly payments on her $240,000 mortgage take more than half her salary.
"I'm just running into a lot of brick walls," Dalebout, 58 said.
A 31% DTI often does take more than half of a persons take-home salary because of the tax withholdings and social security. That is why the ridiculous DTIs we saw in the bubble were not sustainable. Once people actually have to start making those payments from their wage income, they can't do it.
Banks seem to be creating two classes of troubled homeowners. Those who are falling behind in their payments are being allowed to stay in their homes longer because lenders are reluctant to add to the glut of foreclosed homes on the market. At the same time, lenders are stepping up repossessions to clear out the backlog of bad loans.
Is that the politically correct way of saying "squatting?"
"The banks are really sort of controlling or managing the dial on how fast these things get processed so they can ultimately manage the inventory of distressed assets on the market," Sharga said.
Sort of controlling? Right now the banking cartel is totally controlling the flow of properties, but like any cartel, its power will wane as the members begin to cheat as they liquidate their holdings.
On average, it takes about 15 months for a home loan to go from being 30 days late to the property being foreclosed and sold, according to Lender Processing Services Inc., which tracks mortgages.
… Sherri Leu of Lino Lakes, a suburb of Minneapolis, is unemployed and stopped receiving unemployment benefits earlier this year.
"I burned up my savings," she said. "The best thing that's going to help me is a job."
This problem will not get any better until the jobs situation improves, and even then, it will only help a few on the fringes. The problem with the credit and housing bubble is that too many people have too much debt and not enough income to service it. Once they have some income when they find a new job doesn't mean they will have enough income to pay off the crushing debt.
The software engineer has been living on what's left of a $120,000 home equity line of credit she took out shortly after she bought her house in 2006.
Leu estimates she's got enough money for another five or six mortgage payments.
Borrowing money to pay the mortgage? Has anyone bothered to point out to this woman that she is living a Ponzi Scheme?
"I might try to put it up for sale," Leu said. "The other option is to let the bank have it, but then I'll end up walking away losing money I put down on the house."
Duh! She already lost the money she put down on the house. She been spending that with her home equity loan. Are people really that stupid?
Sometimes I get the impression that people think their down payment is held in a vault and that they get this money back when they sell the property. The average loan owner has no concept of sunk costs, nor do they understand that home equity has nothing to do with how much money they put into the property.
Assuming the economy doesn't worsen, RealtyTrac's Sharga projects lenders won't work through the backlog of distressed properties until the end of 2013. More than 7.3 million home loans are in some stage of delinquency, according to Lender Processing Services. The fastest-growing group of foreclosures is coming from people who took out conventional fixed-rate loans.
The prospect of lenders taking over more than a million homes this year is likely to push housing values down, experts say. Foreclosed homes are typically sold at steep discounts, lowering the value of surrounding properties.
"The downward pressure from foreclosures will persist and prices will be very weak well into 2012," said Celia Chen, senior director of Moody's Economy.com.
3 More Years Of Pain For Housing
Posted by Jill Schlesinger – July 15, 2010
1 million households are on track to lose their homes this year as the nation continues to dig out of the decade's real estate boom and bust. RealtyTrac reported that while month-over-month and year-over-year foreclosure fillings are decreasing, the nation is on pace to set a record in foreclosure filings (including default notices, auction sales and bank repossessions) this year at 3.2 million. Last year, lenders foreclosed on more than 900,000 homes and the historic average is 100,000 annually.
In the first half of the year, lenders repossessed nearly 528,000 homes and about 1.7 million homeowners got a foreclosure-related warning — that represents one in 78 American homes. The numbers are startling, but this process is necessary after the massive housing and credit booms. As is the case with manias, the aftermath is messy and painful.
Everyone seems to think we can avoid the pain. The common delusion I read in the mainstream media is that once the economy starts to improve that house prices will go back up. There is generally a multi-year gap between the bottom of the employment cycle and the bottom of the foreclosure cycle. It will likely be far worse this time around because so many people couldn't afford their houses even in the good times.
Unfortunately, due to the lengthy process involved in unwinding a bad home investment (versus, say a bad internet stock that takes 5 seconds to sell) the hangover period will persist for some time. RealtyTrac CEO James J. Saccacio said that while the foreclosure problem appears to be improving, we shouldn't be too confident, because "a massive number of distressed properties and underwater loans continues to sit just below the surface, threatening the fragile stability of the housing market."
Housing experts believe that it will take three more years to clear out the overhang of housing. There's a certain symmetry to that notion. From the years between 2000-2006, housing prices nationally doubled and it will likely take the seven years between 2007-2013 to rectify that aberration. Now who said that home prices never drop?
Every realtor in America said home prices never drop. That is what clueless shills do. When this mess is finally cleaned up, they will spin a narrative about how this housing bubble was not foreseeable (Alan Greenspan missed it so everyone did). It will be portrayed as an event that will never occur again. realtors will attempt to dupe the next generation into repeating the mistakes of the past so they can make a few extra dollars.
Another Option ARM implosion
This property was purchased by the previous owner on 7/12/2005 for $545,000. She used a $436,000 Option ARM first mortgage a $54,500 second mortgage and a $54,500 down payment. She imploded in late 2008 and squatted for about 15 months.
Foreclosure Record
Recording Date: 03/05/2010
Document Type: Notice of Sale (aka Notice of Trustee's Sale)
Click here to get Foreclosure Report.
Foreclosure Record
Recording Date: 12/04/2009
Document Type: Notice of Default
The trustee sale flipper will do well
The property was purchased at auction on 4/1/2010 for $386,400. The flipper is looking at a profit in excess of 20%. Even after renovation costs and commissions, they will probably make 12% to 15% on this deal.
If you would like to learn how you can get involved with trustee sales, please contact me at sales@idealhomebrokers.com. Someone has to clean up this mess.
Irvine Home Address … 17255 CITRON Irvine, CA 92612 
Resale Home Price … $498,000
Home Purchase Price … $386,400
Home Purchase Date …. 4/1/2010
Net Gain (Loss) ………. $81,720
Percent Change ………. 21.1%
Annual Appreciation … 78.6%
Cost of Ownership
————————————————-
$498,000 ………. Asking Price
$17,430 ………. 3.5% Down FHA Financing
4.61% …………… Mortgage Interest Rate
$480,570 ………. 30-Year Mortgage
$98,586 ………. Income Requirement
$2,466 ………. Monthly Mortgage Payment
$432 ………. Property Tax
$0 ………. Special Taxes and Levies (Mello Roos)
$42 ………. Homeowners Insurance
$209 ………. Homeowners Association Fees
============================================
$3,149 ………. Monthly Cash Outlays
-$399 ………. Tax Savings (% of Interest and Property Tax)
-$620 ………. Equity Hidden in Payment
$30 ………. Lost Income to Down Payment (net of taxes)
$62 ………. Maintenance and Replacement Reserves
============================================
$2,222 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$4,980 ………. Furnishing and Move In @1%
$4,980 ………. Closing Costs @1%
$4,806 ………… Interest Points @1% of Loan
$17,430 ………. Down Payment
============================================
$32,196 ………. Total Cash Costs
$34,000 ………… Emergency Cash Reserves
============================================
$66,196 ………. Total Savings Needed
Property Details for 17255 CITRON Irvine, CA 92612
——————————————————————————
Beds: 2
Baths: 2 baths
Home size: 1,224 sq ft
($407 / sq ft)
Lot Size: 1,500 sq ft
Year Built: 1974
Days on Market: 29
Listing Updated: 40368
MLS Number: S620822
Property Type: Condominium, Residential
Community: University Park
Tract: Tr
——————————————————————————
According to the listing agent, this listing is a bank owned (foreclosed) property.
This property is in backup or contingent offer status.
INCREDIBLE OPPORTUNITY!! QUIET INNER TRACT LOCATION, SINGLE LEVEL TOWNHOME. This home just had a $50K remodel and is totally turnkey. It has never been lived in since the remodel. The complete kitchen remodel will be the pride of your at home gourmet with its new stainless steel appliances, breakfast bar, Italian tile floor, new sink, new fixtures, custom hard wood cabinets, and granite counters. The home has new raised panel doors, 6' base boards, new casings, cozy travertine fireplace, new light fixtures, and new carpet throughout. The bathrooms are completely remodeled including new sinks, granite counters, and new oil rubbed bronze fixtures. The ceilings have been scraped, new base boards, crown moulding, and new designer paint throughout. Alluring back yard is freshly landscaped. Large 2 car garage has epoxy coat floors and space for storage. STOP LOOKING THIS IS THE ONE!
INCREDIBLE OPPORTUNITY!! STOP LOOKING THIS IS THE ONE!
Beyond the fact that this is in ALL CAPS, does either one of these phrases convey any meaning? Why do realtors write this crap. It was a waste of a second of my life to read it. It will not influence my decision to see this property, nor will it influence anyone else. I wish they would just stop.
I hope you have enjoyed this week, and thank you for reading the Irvine Housing Blog: astutely observing the Irvine home market and combating California Kool-Aid since 2006.
Have a great weekend,
Irvine Renter
Are you changing your bottom prediction from 2012 to 2013?
With all the government manipulation and the cartel behavior of the lenders, it is really hard to tell when prices will reach a bottom. Much will depend on interest rates.
I suspect we will see a bottoming of payment affordability in 2011 with the combination of high inventory and low interest rates. As interest rates go back up, prices will continue to go down, but as inventory pressures abate, payment affordability may not be as good. I could easily see a scenario where the low interest rates make the median home affordable with a 25% DTI in 2011 and by 2013, the prices may actually be lower, but in order to purchase a median home, the median household income may require a 28% DTI.
Further, I think we will see affordability bottom at different times for different market strata. The low end will bottom first, and we are close to that now. The high end will bottom last as the gap between the low end and the high end recompresses to its historic relationship. The low end may bottom in 2011 while the high end may slowly deflate through 2014.
I would agree that 2011 will probably be the bottom in payment affordability. However people who purchased at lower prices in 2009 will have refinanced and therefore have lower payments.
You are assuming they will be able to qualify. If the appraisal comes in low and they do not have a chunk of cash to pay in, they will be stuck with the current mortgage.
PR and IR are in agreement on something. I did not think that would happen until 2014.
The economy is not improving contrary to popular (BS economists and journalists) notion.
How can we logically expect homes to become less affordable?
10 years of price appreciation increases the propensity to allocate too much personal $$ toward housing. A similar amount of time with price declines will have the opposite effect.
This is horrible news for Las Vegas, Riverside, and all of thier sister cities around the nation.
Irvine cash flipper are dreaming for 0.5% of this to occur in Irvine. More 100% cash flips to 20% cash buyers.
Actually, the 100% cash buyer flipping to a 20% cash buyer happens in every housing market. I consider this a form of arbitrage as these flippers are merely taking a property from one market and selling it in another for low-risk profits. It is certainly easier to do in Irvine because there is sufficient demand to absorb the resale. Of course, that also means trustee sales get bid up to tighter margins. The same is happening in Las Vegas and Riverside County, and in those markets the apparent margins are higher. The challenge there is liquidating the resale. It takes longer to sell, and discounting from comps is more common.
Irvine is a cash market. Riverside and Las Vegas are mostly FHA low down payment loans. Irvine is different.
Does the Irvine middle fall back to 2009 prices or head up to 2005 peak pricing. Looks like it’s somewhere in the middle now while trending up.
PR –
You are talking out both sides of your mouth now. In one sentence, Irvine is a cash market. In the next sentence it is a 20% cash market.
Make up your mind.
You don’t have to guess. Just check the financing info on the Irvine sales history spreadsheet at irvinerealtorsite.com
The Irvine Home Inventory chart just reached its highest point in about 2 years today.
I sold my house in Irvine two months ago and am now a happy renter (in Irvine for a lot less than owning) after 17 years of ownership. I still own a property at the beach, so I’m not completely out of the market. It’s a lot less stressful going forward, and I hope to get back in when the market makes more sense to me.
Irvine Renter…have you thought about putting your blog on Kindle? I’ve downloaded some of the more popular blogs for 99 cents per month, and yours blows theirs away. Just a thought.
Where did you see that inventory is at a 2 year high?
David, it’s at the top right-hand corner of this page.
Why in the world would it be stressful owning an Irvine home purchased in 1993?
You were at the 1993 tax base. You probably had a mortgage payment of $800 on a house that rents for $2500-$3500. You probably had 13 years until no mortgage payment. You should have rented it out, my guess is you will ultimately regret your decision. Too risky to sell that Irvine gold mine. I would hate to see what else stresses you out, puppy dogs?
I’ve owned in Orange County for 17 years. I kept the beach property, and sold the Irvine property. There were some definite reasons to sell. And I didn’t want to be a landlord of two properties. One is plenty :)I know my limits, both financial and emotional.
And now I’m in a good position to buy the next place, pay for my kids’ educations, braces, etc..and not have to worry about the market taking down my home equity in the next 7 years.
I would rather have the type of dividend you had on that investment than any other investment. You should have had maybe $80-$100K in debt bringing in $3000 a month. That’s a sweet dividend.
All of the assumptions in that astute observation are incorrect. But thanks for playing 🙂
I would be fun to get a poll together to guess what the inventory highpoint will be this year. I’ll need to investiage a bit more, but I think it is safe to say we will breach the 900 level.
jb-
Could you write about your renting experience sometime? Are you in a home or apt.? Did you negotiate a lot when you rented? How can you be sure that your landlord will not get foreclosed on and you will be forced out of your rental? That is my one big fear about renting. Congrats on a house by the beach! That is what everyone dreams of!
That’s why I am sticking with apts. I simply do not trust the average Joe of a house owner to:
1) Not skim the rent
2) Make repairs in a timely manner
3) Know and Adhere to landlord/tenant laws
At least with apt managers, your odds on these issues are better than some schmuck who is just using you to make his mortgage payment.
When I did this recently, I used a real estate agent (IR2) to run the loan info on the properties, and avoided any that were over the breakeven amount based on the asking rents. I also made offers on several of these properties below asking (half accepted or counter-offered).
There are plenty of people renting houses and condos that were purchased in the 90s at a low basis, who didn’t cashout, and the properties therefore cashflow, even at modest rents.
That is definitely a legit concern these days. We haven’t yet purchased property in Southern California because we didn’t want to get caught at the top of the market, so we’ve been renting. We rented from a private homeowner, but not after some careful scrutiny to make sure we weren’t evicted in a few months due to foreclosure. As a renter, you definitely have to be super careful, but having a good realtor handle the transaction can help out with this.
IrvineRenter,
I think your credibility is gone now that you’re in the home selling business.
You state:
“The trustee sale flipper will do well
The property was purchased at auction on 4/1/2010 for $386,400. The flipper is looking at a profit in excess of 20%. Even after renovation costs and commissions, they will probably make 12% to 15% on this deal.
If you would like to learn how you can get involved with trustee sales, please contact me at sales@idealhomebrokers.com. Someone has to clean up this mess.”
I think you’re missing the mark. This a WTF Price on a two bed 1200 square foot used home.
$407/sq foot for an ugly used home.
I don’t think so. Maybe it’s time you took a look in the mirror. Are you an objective blogger or a salesman?
With a backlog of foreclosures, interest rates at record lows, does it really make sense to even think about buying a crappy, used box for $500K?
I agree this is pure WTF pricing, but the reality is that some sucker out there is frothing at the mouth to pay the WTF price.
Perhaps IrvineRenter should just come out and pitch it as a means to make some money off the knife catchers.
Agreed. IrvineRenter needs to address the issues in this comment if he wants to have any credibility left with the readers of this blog.
The flipper will do well. This property will sell for its comparable value. I didn’t say the buyer of the property is getting a good deal or that anyone reading this blog should buy the property. I am pointing out the fact that this property will sell, and the flipper will make money in the process. That is objective reality.
I think prices are too high. I also think prices will soften, particularly this fall and winter as the inventory continues to mount and buyer demand wanes. I don’t think buyers should purchase at prices above rental parity which most properties in Irvine still trade at.
Shevy is out working with buyers every day. Both he and I tell them they should not buy a property today unless they are prepared for continued weakness in pricing and they are in for the long haul. There are many properties that are trading for less than rental parity (mostly outside of Irvine), and for some buyers who plan to live there for a long time, they can save money versus renting if they buy today. If they need to sell in three years, they will have problems, and unlike many realtors working Orange County, we are telling clients this truth. There is no real urgency to buy property right now. Prices will likely go down and affordability will likely improve. That is the message we tell buyers because that is what we believe is true. If anyone reading this has heard anything else from me or Shevy, please post it here or email me.
If I am selling anything, it is the truth about profits to be made in the trustee sale market. I will continue to bring this fact to readers attention as I am trying to generate interest for that part of our business because I believe in the opportunity. I am not exaggerating or relaying anything other than factual observations. People who are active in the trustee sale market are making money, and anyone who wants to participate in this market can do so with our assistance.
Some of you may not believe this, but it is possible to be both an objective blogger and a salesman. If the sales opportunity is real and backed by observation of verifiable facts, I can objectively report on it. Sales doesn’t have to be sleazy manipulation and lies. Sales can be exposing a truth and detailing exactly how people can take advantage of it. I feel very comfortable with what I am doing.
100% agree and support your efforts and hard work.
“Shevy is out working with buyers every day. Both he and I tell them they should not buy a property today unless they are prepared for continued weakness in pricing and they are in for the long haul.”
Well, at least you guys are telling the truth 🙂
Hi Will,
I was reluctant to say the least to rent after reading this blog. We looked into renting an apt. but found that a three bedroom was almost the same $ as a three bedroom house.
I researched the neighborhood. Most are original owners, as is our landlord. We negotiated about 6% off of the rent and have already put in a little of our own money to customize/upgrade, which the landlord loves. He has also been very quick to pay for any repairs that we’ve arranged. Hopefully, that will turn into zero price increases going forward. I’d rather put a little into the place that we live in, than put it towards increased rent.
On the upside, the place is beautiful, and is in the area that we’d like to purchase, so we get to “test run” the neighborhood.
On the downside, I love to cook, and the kitchen isn’t quite to my liking. The bathrooms need some tlc as well.
I could go on and on about my calculations, etc..but it was definitely worth it. In 7 years, the kids will be in college and our place at the beach will be paid for, so even if prices escalate, we’ll hop over to our beach place at that point instead of buying another house.
This house on Citron is a lemon indeed.
My guess why Realtors say “THIS MARKET IS ON FIRE” is that the numbers of sub average house sales per unit are being done by fewer Realtors in the area. Some Agents are very, very busy because the number of competent competitors has fallen off.
Other Realtors are very, very busy writing offers on homes that will never be sold to their client. Cash buyers swoop in an pick up these properties leaving the Realtor and their client in the dust. These Agents are the ones saying the market is picked up, deluded into believing that busyness is a reflection of a booming market, when in fact for them it’s a series of disappointments and time wasted for their clients.
My .02c
Soylent Green Is People
I think waiting another 3 years is going to be tough.
I’m grateful to still have a job, and not to be going through foreclosure right now. I’m grateful for not having my creditworthiness nuked. I’m happy that I don’t have to rely on some dummy short sale buyer to pay off my HELOC. But sometimes I feel that all of this waiting around for the banking cartel to be smashed has a cost and pain too.
I don’t know about others who frequent IHB, but can somebody perhaps share what they’re doing to not get absolutely creamed on federal and CA state income taxes? I know every case is different, but I’ve been violated for 5 straight years and the thought of another 1, let alone 3….well, it’s painful too.
Thanks.
@Mark:
“I don’t know about others who frequent IHB, but can somebody perhaps share what they’re doing to not get absolutely creamed on federal and CA state income taxes?”
We’ve started to max out our 401k contributions.
After our last tax bill without the ownership writeoffs, there was no way we were going to give the gov (and the banks and squatters) that much hard-earned money again.
I still would rather pay it in interest to the bank on my “owned” home than in taxes that get used in ways I would never support. It makes us want to pay these WTF Irvine prices just for the additional tax benefits.
“After our last tax bill without the ownership writeoffs, there was no way we were going to give the gov (and the banks and squatters) that much hard-earned money again.
I still would rather pay it in interest to the bank on my “owned” home than in taxes that get used in ways I would never support. It makes us want to pay these WTF Irvine prices just for the additional tax benefits. ”
Wow, this is exactly why we should get rid of the tax write off for mortgage interest. Rather than pay the taxes as normal people would rather keep real estate prices high just to get the write off.
“I don’t know about others who frequent IHB, but can somebody perhaps share what they’re doing to not get absolutely creamed on federal and CA state income taxes?”
I’m lost here. Back when I was paying $2100 per month in mortgage interest, I was saving $700 per month on federal and state taxes. Spending $3 to save $1 is not a winning strategy, unless that $3 in interest payments has been used to leverage a strongly appreciating asset, or the cost of renting a comparable place is worse.
Now that I’m a renter, I have no problem paying the additional taxes, because I’m not paying less in rent than I used to pay in interest minus taxes, and I’m not in debt with a depreciating asset as collateral.
The first thing I did when I got off the plane
in the USA was meet an accountant and ask about
tax planning.
The accountant said that as an individual filer,
401k and mortgage interest deductions are the
only two tools available to most people.
However …
After you obtain a mortgage, most technically
adept people can develop a side business to
allow for itemized deductions and an additional
SEP-IRA retirement plan.
And yes, the American mortgage interest
deduction is bizarre in that it inflates house
prices for all.
Not directed at me, but I feel the same way.
It isn’t that I’d rather pay 3x the amount if it can go to interest instead of taxes…
But my options are essentially to rent or to borrow-and-buy. The difference in dollars out of my pocket between renting and buying is significant, but that’s the only difference.
In theory, if we totally ignore equity (not a good idea for real analysis, but bear with me) total monthly outlay (after considering tax consequences) is all you need to compare.
Were everything else equal, I too would much rather pay a given chunk of money to a bank as interest than in taxes.
If I give it to the bank, it will make shareholders and executives richer, probably, and a portion will be lent out to others, since money sitting in a vault doesn’t reproduce.
If I give it to the government, it will be used to make life more miserable in myriad ways that probably belong in a discussion on a different forum.
In the current market, I can’t run the numbers in a way that suggest that all else is close to equal. So I rent. But I hate how much my decision to rent is helping fund activities that I despise.
So, I understand what Mark was getting at.
There are relatively few deductions available to a single filer that isn’t in business for him/herself.
@Andy:
Thank you for reiterating my point. There are other differences between renting and buying than just dollar difference but since those are all personal preferences, it’s very difficult to quantify. Some say it’s less stressful to rent, in my own personal experience, I found it more stressful than living in a home I owned.
And if you do run the numbers, there will be an own-vs-rent situation where the writeoff will make the gap between renting and owning small enough to favor owning. Especially in places where rents are not all that much cheaper either.
IrvineRenter
Thanks for addressing my comment. I understand your position and admire your candor.
And as always, applaud your efforts. I read the blog almost daily. Keep up the good work.
Thank you. We really are trying to do the right thing.