The Two Mortgage, Two House Trap

May 20th, 2011
in econ_news

house abandoned 2 Econintersect:  According to an article by Kate Ashford at Bundle.com, some people are making a big mistake.  The error?  Playing roulette with home ownership and buying one home with a mortgage before thay have sold the previous home, which also has a mortgage is always a gamble.  In the current real estate markets in many parts of the country it can be a long odds bet.  In a strong housing market the bet has much shorter odds of going bad.  But the nation has many more weak markets than strong markets today.

Follow up:

Ashford quotes real estate expert Keith Jurow (a guest author at GEI Blogs):

Buying a new home before you’ve sold your old one is “one of the dumbest things that homeowners are doing now,” says Keith Jurow, a former senior economic writer for the Holt Investment Advisory and author of the Housing Market Report. “No one would do it if they thought they’d have trouble getting rid of the house they just left. They don’t know how bad the market is.”

Ashford says many have an insecurity - theyare afraid they won't find just what they want if they sell their current home before buying the next one.  In a buyers' market, which exists now, that is an insecurity with little basis

Source:  Bundle.com









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