An LA tale of cashing out to rent
Los Angeles Times reporter Peter Y. Hong has a first-person piece today about how he and his wife, convinced there was a bubble, sold their Pasadena condo in 2005 to rent. It's an interesting look at a contrarian move, noting both the financial advantages -- the property they sold has since dropped 5 percent in value -- and the disadvantages (a "less-than-ideal rental house" that has no air conditioning, no dishwasher and is less conveniently located).
Hong writes:
We do plan to buy again someday, on honest terms with a loan we can afford. We didn't expect to rent this long; our girl is 8, and we'd like to get into a house soon that she will truly feel is hers.We know the wait will make it that much more thrilling to her when we move. But I hope the real reward comes years from now. Maybe she will remember our experience and think twice when people are again promising something for nothing, as they inevitably will.
Sign up for the At Home newsletter 
