Buying vs. Renting tagged: , , , ,

Buying vs. Renting

Posted by in Personal Finances

Up until recently, it has been a widely held myth that homes always appreciate. Of course there have always been a few isolated pockets of depreciation throughout the US but absolutely nothing like the recent economic havoc that is currently sweeping the housing markets. As many people have recently found out, the faster house prices rise, the faster and lower they will fall. So, the areas of the US that had some of the fastest rising home prices like Arizona, Florida and Nevada are the ones that are currently being hit the hardest. Home prices in these troubled areas have declined as much as 40% off their market highs of just over a year ago. It’s hard to imagine the struggle that home owners who bought at the height of the market and now find themselves upside down in their mortgages are facing.