Well they did it again, another front page article about the devastation of the the real estate industry by the Boston Globe. As they fight to keep their doors open they continue to look for the Rupert Murdoch type story. In this one they found a couple who are making combined over a six figure income in their jobs and they want to stay renting. They are quoted as saying about the economy, “It seems like an unsteady time. The housing market’s a mess.” The headline for this clunker is Rentals soar as more people steer clear of home-ownership.
The author of this article states facts with giving no context. Americans in 2007 did believe home-ownership was a good idea because everyone and their dog was able to qualify for a mortgage. What a surprise the unenlightened public believes it is a bad idea now. The author uses the statistics 83% believed this in 2007 and 66% believe home ownership is a good idea now. But the way it is written it gives the impression that a majority of people believe that renting is a better option than buying. 
I wonder if she even looked at her statistics. Even with the meltdown of the economy and the taking back of houses that were delivered to people with no income verification and no down payment there is a 66% margin of people who still correctly understand that home ownership is often the best investment you can make in your lifetime.
Never has that been more true than now. Purchasing a home at these available low prices with the record low interest rates has never been a smarter financial move. This family that is paying $3000 a month for an apartment over a mall could be living in a dream house and creating equity, but none of this is part of the article. It is no wonder The Globe and most daily newspapers are loosing credibility and readership. Leave the hype news to the pretty faces on tv since it is better to look at a pretty face and shiny graphics while you are digesting bad and misleading information.
It is absolutely no surprise that with the foreclosures and the loss of income of so many American across the country and certainly here in New England are looking to rent rather than buy. The answer to this is that credit scores have taken a huge hit and banks have tightened lending rules beyond a reasonable level….much in the same way they loosened them. 
As a real estate professional it is my job to stay on top of real facts and not gathered facts put into a misleading but plausible story.
Using the authors statistics, 66% of all people believe home ownership is a good idea. I don’t think you could find 66% agreement on any other financial fact. And yet, it is written as a negative. It is a time when people can get their facts from many sources and in my mind with articles like this the Globe is sending people elsewhere. I know my 30 year subscription will not be renewed.
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