Renters Gain In Housing Crisis
SOURCE: Yahoo Finance
With the glut of unsold homes on the market, rental prices are affordable. In the hardest hit regions of the subprime crisis finding a rental apartment is easy. Homeowners, forced out by foreclosure, are paying up to 70% off what they were paying for on their mortgages.
"Vacancies have risen in 29 markets in the fourth quarter of 2007, including Las Vegas, Palm Beach, Memphis, Orange County, Calif., and Orlando." according to Reis Inc., a New York real-estate research firm. Ron Witten, a Dallas-based housing analyst, "estimates there are 760,000 vacant condos and homes for sale nationwide beyond what the market could normally carry, in addition to a surplus of 350,000 vacant rental properties."
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With the glut of unsold homes on the market, rental prices are affordable. In the hardest hit regions of the subprime crisis finding a rental apartment is easy. Homeowners, forced out by foreclosure, are paying up to 70% off what they were paying for on their mortgages.
"Vacancies have risen in 29 markets in the fourth quarter of 2007, including Las Vegas, Palm Beach, Memphis, Orange County, Calif., and Orlando." according to Reis Inc., a New York real-estate research firm. Ron Witten, a Dallas-based housing analyst, "estimates there are 760,000 vacant condos and homes for sale nationwide beyond what the market could normally carry, in addition to a surplus of 350,000 vacant rental properties."
Read full report »
