Now cheaper to own than to rent-who has really benefitted from the foreclosure delays?

A new report by CNN says it is now cheaper to own than to rent. Make no mistake, delays in the foreclosure process benefit the banks. Through all of the failed modification efforts, the hoops to jump through on short sales and the seemingly unwillingness to foreclose we will now work through this process by releasing folks into a market where they do not qualify to buy and they will spend more on rent than if they owned. Had the banks foreclosed on these homeowners and not used foreclosures as their own balance sheet management then these folks would potentially be eligible to buy today. The changes in the foreclosure process and the accounting practices surrounding non-performing loans were put in place to protect the lenders. We did not have foreclosure moratoriums for the families living in the homes, although that is what they would like us to believe, it was to prop up the banks.