This is what I have noticed. So they are living in their dream house but now they can not pay the mortgage on it so guess what they do? To buy time, they put that house for rent. Take the rent money and pay mortgage with it. This will buy them good time until they get back on their feet and kick the tenant out once they are able to.
How bad is the rental market you say? How about 200 applicants fighting over a piece of chit house. It is that bad.
wait til next year...a lot of people are already forfeiting their mortgage due to covid19. many homes will go into foreclosure or put up for sale at discounted prices. most are just living in house the sheriff kicks them out. good time to save some money, build your credit and pretty soon, you'll be able to buy the house of somebody's dream under their foot. ha!
Interest rate is near bottom
My local credit union offering 2% 30 year plan YMMV
You will save money in the long term
Housing is expensive cuz people taking advantage of the low rate
= less home=higher price
Lock in that low rate!!!!
If it fail, just walk away