The tale of San Diego is spreading nationwide and homeownership is becoming cheaper than renting, with unique market conditions coming to fruition, forming what some economists call a never before seen scenario.
As the pendulum swings
According to the North County Times (NCT), home ownership is now cheaper than renting in the San Diego area1, and while county-supplied and Realtor data is what the media outlet uses to analyze renting versus owning in one city’s surrounding areas, the story of San Diego is being repeated in many major metropolitan areas across the nation.
The most recent CoreLogic data2 and various other economic indicators point to month after month of falling home prices which is bad news for already underwater homeowners, but good news for home buyers that are actually able to get qualified in the era of extremely tightened lending conditions. Many of these buyers are ready to snatch up foreclosures in a strange game of house swapping where one homeowner loses their home and in turn buys the home another is losing. READ MORE …
About the Staten Island Board of REALTORS®
The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically; and to promote the preservation of the public’s right to own, transfer and use real property.
Comprised of over 1,600 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,000 real estate transactions every year.
All SIBOR members belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).
SIBOR may be reached at 718-928-3220 and visited online at http://www.siborrealtors.com/.
MEDIA CONTACT: BARTON HOROWITZ
RELEVANT PUBLIC RELATIONS LLC