David Bracken

Home sellers become reluctant landlords in slow market

When Spencer Strahl and his wife, Maureen, decided last summer to relocate to Omaha, Neb., they figured he'd remain in North Carolina's Triangle Research area to sell their home while she would take their three children and start her new marketing job.

But three months after listing their home for sale, the Strahls, both 42, realized their plan wasn't going to work. The house had few showings and no offers. So they did what an increasing number of frustrated sellers are doing: They kept the house on the market, but put it up for rent.

Uncertain economy leading to more renters than buyers

As Kim Valentine waits for her Wendell, N.C., house to be sold or foreclosed upon by her bank, there's one thing she's certain of -- she won't be buying another home anytime soon.

"I think I'm just going to stay where I am," said Valentine, 45, who began renting a house in May after a divorce left her unable to make her monthly mortgage payments. "It's just the way the economy is right now. It's just too uncertain to make any permanent decisions."

Among the many things to come out of the recession is a significant increase in the number of people who are no longer able, or willing, to buy a house.

Some can't buy because they can't sell their existing homes. Others have damaged their credit to the point that getting a loan is no longer possible. Still others have decided to rent because their economic futures are too uncertain to justify taking on mortgages.

Advertisement
  +

Recent Comments

Latest Blogs

Blogging the Rambler
Herbert, who hates all things fed, demands more fed...
By: Charles Trentelman

Thursday, March 28, 2013 - 3:58pm

The Political Surf
Idea that righteous parents can save wayward children...
By: Doug Gibson

Monday, May 20, 2013 - 11:57am

Me, myself... as mommy
Time to get my post-baby butt back to the gym
By: MeganSanders

Tuesday, May 14, 2013 - 12:13am

Why Are You Crying?
Legislative marriage counselors
By: Mark Shenefelt

Tuesday, February 26, 2013 - 4:37pm

Standard-Examiner Sports Blogs
Weber State, Ogden City to honor “special guest” from...
By: Roy Burton

Wednesday, May 1, 2013 - 12:37pm

Latest Tweets