the investors (around 40% from california) have ruined it for the rest of us trying to become 1st time home buyers. The average housing price in Chandler, Az, which used to be affordable, has gone up 43% in one year, making it darn near immpossible for a mom with 4 kids (dad is having a mid-life crisis and received the home, because the judge "wanted" him to have it), to buy a home. I can't do it, so, I have to stay in the same neighborhood, for the kids or the judge will (I'm a stay at home mom for 18 years), give primary custody to him, the houses have gone from very affordable to outrageous. I will never be able to own my own home again, in this neighborhood (same schools-mandatory for myself and the kids), or even own my own home without moving into a not-nice area, not suitable for children, or way out into another county, which I can not or won't do because of my kids' schools they attend. Even those houses in the counties just outside Phoenix Metro, are now becoming unaffordable. Thank the investor, I hope that the ones, esp, those who don't have a stake in Arizona, lost their shorts, and I AM A CAPITALIST, I JUST DON'T LIKE WHAT THEY HAVE DONE TO THE LITTLE GUY. I have tried to buy in the new (no yard) subdivisions, and the developers have told me, in answer to my question, NO, WE'RE NOT SELLING TO INVESTORS HERE, bull, after the subdivision sold out soooooooo quickly, when the houses started to get built, BINGO, the selling signs come out, and you guessed it, big companies representing investors, or the signs come out renting (houses bought by these big companies that do this in AZ and beyond), who loses out? We who are trying to buy houses. The prices are articficially inflated. What was built and sold for 128,000 4 years ago with 1750 sq ft., two story, double garage, small yard, gated community, is now selling for 250,000+, prior to all this, the appreciation was around 10%, I know this because I am a native of Tempe and have lived in Chandler for 17 years. What was affordable at 150,000 before this onslaught, now costs around 300,000. Can't do this on 3000 a month, with 4 kids and pets.
I know exactly how you feel. You won't get any sympathy from the hard a$$e$ around here. You see, to them, it is your choice to rent, you need to get your act together.
Macho, may I suggest going into a smaller home or moving? Believe me, I have a similar situation out here in Seattle (no divorce no kids, but lots of debt largely related to graduate school). It will be awhile before I buy something.
This is a marvelous point, and one that I think Marx sought to exploit. It's very simple. Capitalism is amoral (this of course is one place where Rand erred). However, it requires self-government to really reach it's fullest potential. There are times when the capitalist ought consider the plight of others (as in "not gleaning all your fields.") It's much better for everyone if it's done voluntarily rather than enforced by regulation. The institutionalization of anything ruins it if there is no room for the heart.