The Globe says there are people who could buy homes... but just aren't. I look around local real estate and there's plenty of available homes for rock bottom prices. I saw one condo a stone's throw from the beach in Lynn (in the Diamond District) for 40k. It was small and a 1 bedroom, 1 bath, but still, that's 1 or 2 year's salary for a condo less than a 2 minute walk from the beach. The mortgage on that would be less than a lot of people's rent. That wasn't the only 1 bedroom condo in Lynn for 40k -- and some of them were much bigger (though, without the beach).
But is it really a bad decision for someone who may want a house and could hypothetically afford one to stay away from the market? Many people who aren't unemployed or underemployed (14% of the country) are afraid of losing their jobs. A lot of those people have good reason to be. None of those people should be burdening themselves with homes that could endanger them in the future.
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Slightly off topic, but I'm not sad to see the housing market crash at all. My parents bought the house I live in for ~25k in the 1970s -- less than what my Dad actually earned as his yearly salary (granted, he played in the NFL back then). I remember going to college and thinking I'd never be able to buy a house, short of being married.
Now, I look at the market and see hope. If I weren't one of the above 14%, I would be calling up the local real estate agent to see that Diamond District condo, looking forward to walking my dog on the beach on a daily basis. Alas.
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That is the beauty of the system. Those willing to take a gamble and buy now should be rewarded in the future. Those who bought over the last 7-8 years shouldn't be rewarded, they paid way too much for what they got. There's a chance now to be a millionaire in 10 years.
People should get over the idea of everyone having the American dream, a picket fence and a house. Not everyone deserves a house, or a car for that matter. You earn things. But everyone can have a cell phone, just check out TracPhone. I pay extra so poor lazy people can call from their mattress to have pizzas delivered.
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