By Emmet Pierce
STAFF WRITER
July 27, 2008
The housing market decline that has triggered a wave of foreclosures and deeply eroded recent home equity gains is also opening the door to ownership for renters who can meet tightening lending standards.
With the departure of the easy credit terms that triggered the mortgage market meltdown, lenders have raised the bar on who can qualify for a home loan. But those with high credit scores and money for down payments are finding that many homes are priced to sell, particularly in entry-level neighborhoods hit hard by mortgage defaults.
To compete with bank-owned homes, other sellers have been forced to cut their prices. For renters who watched the median price of a home rise from $185,000 a decade ago to $517,500 at the height of the recent housing boom, June's countywide median of $370,000 seems like a bargain, said Gary Kent, a real estate agent who began selling foreclosures when the housing boom ended.
Read More: http://www.signonsandiego.com/uniontrib/20080727/news_1h27rentersm.html
By Emmet Pierce