Rent as % of after tax mortgage payment: 123.0%
Median home price change, 2006-2010: -11.7%
The St. Louis Post-Dispatch reported last week that home sales were down 12.7% in February year-over-year. The median price plummeted as well.
A rash of foreclosures and a weak market are making buyers nervous, but as grim as these numbers sound, what they also show is that renting is high (as always with depressed markets), so buying is low. Commercial investors could potentially make a killing in areas like St. Louis by purchasing now and holding until conditions improve.