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@@ TRUCK@@ IN
NEW PORT RICHEY AND FOUND HIM AT
THE T@@RAVEL INN NEARBY.
>> EVEN IN@@ THIS ECONOMY, THE
AMERICAN DREAM IS NOT@@ DEAD.
PEOPLE STILL WANT TO OWN THEIR@@
@@N HOME.
RECENT NUMBERS FROM THE@@ CENSUS
@@REAU SLOW THAT HERE IN TAMPA
THE NUMBER OF PEOPLE THAT RENT
THEIR@@ HOMES OUTNUMBERS PEOPLE
THAT BOUGHT@@ THEIR HOMES.@@
PETER MURPHY IS WITH US.@@
@@O OF HOME ENCOUNTER REAL
ESTATE PROPERTY MANAGEMENT FIM
IN TAMPA AND@@ HAS BEEN TALKING
WITH US EVERY WEEK@@ ABOUT THIS@
VOLATILE REAL ESTATE MARKET.@@
WE HEARD IT IS BETTER TO BUY AN@
NOW WE HAVE MORE RENTERS THAN
@@HOME BUYERS AND TELL US
SOMETHING ABOUT THIS@@ MARKET.
>> YOU HAVE A LOT OF THESE@@
RENTERS THAT SAT THROUGH THE
COLLAPSE OF THE HOUSING@@ MARKET
OVER THE LAST FIVE YEARS AND
WATCHED PE@@OPLE WHO LOST
EVERYTHING TO@@ HOMEOWNERSHIP.
THAT DREAM THAT WAS SUPPOSED@@ O
PROVIDE THEM STABILITY FOR THEIR
FU@@TURE TURNED IN TO A NIGHTMAE
FOR SO@@ MANY AND FOLKS DO NOT
WANT TO FIND THEMSELVES I@@N THT
POSITION ANY MORE AND DO NOT
WANT TO@@ BE AT THE WHIMS OF THE
ECONOMY FOR THEIR@@ FINANCIAL
FUTURES AND TAMPA IS A@@ YOUNG,A
UP AND COMING@@ COMMUNITY.
THESE PEOPLE WANT TO BE ABLE TO@
HAVE FLEXIBILITY TO MOVE AND
GROW AND MAY@@ NOT WANT TO BE TD
DOWN WITH A MORTGAG@@E AND HOME
THEY OWN AS MUCH ANY@@ MORE ANDO
NOT DEFINE THE@@ AMERICAN DREAMS
MUCH BY@@ HOMEOWNERSHIP AS THEY
USED TO AND A BIG C@@HANGE IN TE
ECONOMY.
>> COMPARE THE COST O@@F OWNING
AND@@ RENTING A PROPERTY.
>> WHEN WE LOOK@@ AT MEDIAN HOME
PRICE IN TAMPA BAY.@@
$135,000 LAST M@@ONTH.
IN ORDER FOR YOU T@@O BUY THAT
HOME AND PAY@@ PREVAILING INTERT
RATE WHICH@@ IS 3 1/2% AND@@
INSURANCE AND TAXES AND@@ H.O.A.
FEES AND YOU WILL@@ BE OUT OF
POCKET $1,@@282 A MONTH.
RENTING THE MEDIAN HOM@@E IN TAA
WHICH IS JUST A@@BOUT THE SAME
SIZE WILL COST@@ YOU 1595 A MONH
INCLUDING YOUR EXPENSES.@@
A 20% SAVINGS@@ TO OWN RATHER TN
RENT IN TAMPA NOW@@.
>> THAT IS SOMETHING WE HAVE
KNOWN A LONG TIME.@@
CHEAPER TO PAY FOR A@@ MORTGAGE
THAN BUY A HOME AND RENT AND PAY
ON IT@@ FOR A LONG TIME AND LOSE
THE VALUE OF THE@@ PROPERTY.
THERE IS AN EXCEPTION THAT@@ CAN
GET BY YOU IF YOU ARE@@ WATCHING
EVERY DOLLAR LIKE MOST PEOPLE@@
AND THAT IS THE DOWN PAYMENT.
>> IT@@ IS A BIG DEAL.
IN ORDER TO BUY THAT@@ MEDIAN HE
IN TODAY'S@@ MORTGAGING
ENVIRONMENT YOU HAVE TO COME UP@
@@TH 13, $15,000 OUT OF POCKET.
THAT IS A LOT OF MONEY FOR A @
OF PEOPLE@@ HERE LIVING PAYCHECK
TO PAYCHECK.@@
IN ORDER TO MAKE THAT WORTH I@@T
VERSUS THE SAVINGS YOU GET OVER@
@@NERSHIP, IT WILL TAKE YOU
3 1/2 YEARS TO P@@AY OFF THAT
AMOUNT OF MONEY IF YOU C@@OMPARE
SAVINGS@@ OWNING VERSUS RENTING
AND A LONG TIME TO COME@@ UP WIH
THE SAVINGS FOR THAT DOWN
PAYMENT.@@
IT MAKES IT SO HOME OWNERSHIP@@
FOR SOME IS VERY COSTLY AND
SOMETHING THAT@@ RENTING EVEN
THOUGH IT COSTS MORE EVERY@@ MOH
IS CHEAPER IN THE@@ LONG RUN AT
LEAST THE FIRST FOUR@@ YEARS.
>> YOU GOT TO STAY PUT FOR@@ A
WHILE.
NOW YOU PEGGED ON@@ THE INTEREST
RATES WHICH ARE VERY LOW@@ RIGHT
NOW AND WE ALL KNOW WHAT HAPPENS
TO@@ LOW INTEREST RATES AND THEY
EVENTUALLY@@ GO BACK UP.
WHAT HAPPENS.
>> THEY DO GO@@ UP.
IT WAS NOT ALL THAT@@ LONG AGO
WHEN THEY WERE 6,@@ 7, 8%.
BEFORE THE HOUSING COLLAPS@@E TT
IS WHERE THEY WERE.
IN A@@ HEALTHY MARKET THEY SHOUD
@@BE BACK UP TO 7, 8%.
THE INTEREST@@ RATES ONLY HAVE O
GO BACK UP@@ TO@@@@ 6 1/2% WHER@
@@ST OF OWNERSHIP TO BE THE SAME
AS RENTING.
>>@@ THE FINANCIAL REASON WHY
OWNING IS BETTER THAN RENTING I@
THE HOPE YOUR HOME WILL
APPRECIATE IN VALUE AND@@ THAT S
NOT HAPPENING THE WAY@@ IT USEDO
AND SO MANY@@ PEOPLE OWE MORE TN
THEIR HOUSE IS WORTH@@ GIVEN THE
MARKET THE WAY IT IS.
@@ THE@@ PREVAILING WISDOM WAS
THAT HOME PRICES INCREASED 4@O
6% PER YEAR.
OVER THE LAST FIVE YEARS THAT@@
HAS NOT BEEN THE CASE.@@
@@ME PRICES HAS COME DOWN 50%
AND ALTHOUGH WE ARE UP ABOUT %
SI@@NCE THE START OF THE YEAR.
NO ONE EXPECTS THAT@@ TO CONTINE
AT THAT RATE.
WE@@ STARTED ERECTING FROM GOIN@
TOO DEEP IN THE HOLE FOR@@ HOME
PRICES AND@@ DONE THE SLAM DUNK@
USED TO BE AND EXPECT HOME
PRICES TO APPRECIATE@@ AROUND TE
RATE OF INFLATION WHICH WILL BE@
BETWEEN 2 AND 4% IN TAMPA@@ BAY
AND THAT MEANS NOT AS@@ WONDERFL
FINANCIAL DECISION AS IT ONCE
WAS.
>> WE@@ ARE NOT GOING TO SEE 6%
PRERK FOR@@ A LONG TIME.
>> I DON'T EXPECT WE@@ WILL
UNFORTUNATELY.
>> IN THE END, HOW@@ SHOULD YOU
DECIDE WHETHER TO TAKE THE RISK@
IN ORDER TO BUY A HOME.
>> WE DON'T@@ WANT TO EVER FORCE
SOMEONE I@@N A DECISION WRONG FR
THEM.
YOU DO NOT W@@ANT TO MAKE A
DECISION BASED UPON@@ EMOTION OR
THINGS THAT ARE NOT CERTAIN.@@
AS YOU ARE TRYING TO MAKE A GOO@
DECISION FOR YOUR FAMILY AND
NEED TO MAKE A@@ DECISION THAT
WILL PUT YOU IN A@@ LONG-TERM
POSITION FOR PROMOTING@@ WEALTH
AND HAPPINESS AND COMFORT FOR
YOUR@@ FAMILY.
SOMETIMES THAT IS RENTING.
@@ SHOULD NOT@@ HAVE A STIGMA AD
EXCELLENT FINANCIAL DECISION IN@
CERTAIN UNECONOMIC TIME.
DON'T RUN@@ AWAY IF IT IS RIGHT
FOR AND MAKE A D@@ECISION IF ITS
GOING TO@@ PRESERVE WELL AND GIE
YOU MOST OPP@@ORTUNITIES AND
LONG-TERM WELL FOR YOU AND YOUR
FAMILY.@@
WHETHER RENTING OR OWNERSHIP,
YOU NEED TO M@@AKE THAT DECISION
CAREFULLY.
>> YOU THINK WE@@ BOTTOMED OUT.
>> WE MIGHT@@ HAVE.
I SEE OVER THE LAST TEN@@ MONTHS
WE SEEN AN INCREASE IN PRICES
AND THAT@@ SUGGESTS WE ARE
STARTING TO STABILIZE A@@ND
RECOVER.
WHETHER OR NOT THAT WILL@@
CONTINUE FOR THE LONG TERM IS
GOING TO DEPEND@@ LARGELY ON WHT
THE ECONOMY DOES LOCALLY@@.
WILL INCOMES RISE IN TAM@@PA AND
EMPLOYMENT RATE@@ STAY HIGH AND
THESE ARE THINGS THAT WILL@@
AFFECT HOME PRICES LODGE@@ TERM.