Housing Debacle Threatens Renters

A new report examines the impacts of the mortgage meltdown on rental housing.

“The current mortgage turmoil reaches deep into rental markets. New research on rental housing market dynamics from Harvard University’s Joint Center for Housing Studies finds that the current housing debacle not only adds to the number of households competing for low-cost rentals but also threatens renters living in foreclosed properties with sudden eviction. The report concludes that policy makers at all levels of government should focus more attention on those renter households severely harmed by the current mortgage market turmoil.

“Today, investor-owned one - to four-family rental properties account for nearly 20 percent of all foreclosures,” notes Nicolas P. Retsinas, director of the Joint Center. “Moreover, because many of the high-risk home purchase and home refinance loans now in default are concentrated in low-income and minority communities, the fallout from foreclosures is hitting the same neighborhoods where many of the nation’s most economically vulnerable renters live.”

(more…)

[Bookmark It]

Hide Sites

This post was found on FSBO.FizBer.com
Follow the link to get to the orginal message.