11-07-2006, 05:23 PM
white_2kgt Wrote:You can work out the same payments in a house, however, after 3 months you need to move, you can sell the house and not loose much, if anything.There is absolutely no chance you will ever buy a house for the same price as rent. None. Never. Not in this area.
There is also absolutely no chance you could sell a house after 3 months and not loose any money. #1 reason is the declining market. I have read reports of the market loosing 12% over the next year. #2 is closing costs. You dont get that $10k+ back. And if you roll it into your mortgage you are even more fucked, because now you owe interest on it.
Even in a solid market, the common rule of thumb is that you should not buy unless you plan on keeping the place for 5 years or you may loose money. That may not have applied during the bubble, but the bubble is over.