April 14, 2008

Foreclosure crisis hits rental housing

By Marcie Geffner - Bankrate.com

It's no secret that the nation's subprime mortgage meltdown, spike in foreclosures and fall in home prices have affected legions of homebuyers, home sellers and homeowners. But what may be surprising is that the turmoil in today's U.S. housing markets has important implications for renters as well.

"There is some pickup in demand, but there is also a pickup in supply -- both new apartments that are being built and also units shifting from owner to renter," says Mark Obrinsky, chief economist of the National Multi Housing Council, or NMHC, an apartment industry trade group.

Read the rest of this story:
http://www.bankrate.com/brm/news/mtg/20080403_rental_foreclosure_a1.asp