These have been euphoric times for real estate owners in many parts of the country. Home values have spent the last two or three years tap dancing higher and higher. That’s been delightful for those that owned a home or investment property.
In the last few months those mountain high home prices have been dream busters for those hoping to buy their first home. They’ve been priced right out of the market. Even with low interest rates on mortgages and greatly relaxed lending requirements, there are many thousands of people who just can’t afford to buy a home.
All those folks who can’t buy a home are producing smiles on the faces of landlords. For many months vacancy rates were forcing sobs from rental property owners. The pool of potential tenants had been greatly reduced, because everyone was buying a home. Home prices were still relatively affordable and there were big buckets full of mortgage money available at historically low rates. People didn’t need to rent when they could buy.
The climb in home values has changed all that. Now more people are seeking good homes to rent, so the supply of available rentals becomes...
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