With many people no longer able to pay their mortgage, there has been a rash of Renters looking at homes.The increase in renters this year over last has increased.
Competition for rental property has picked up because inventory is scarce.
Rents have increased leaving many people stranded for housing.
College students who once had a vast selection of homes to choose from have been doubling up more roommate's.The cost of a rental has increased 20%.
Many investors have decided it`s not longer feasible or affordable to continue paying on a mortgage that is too high.Many have carried these mortgages for over a year. In some cases they`ve been negative from the beginning.
Others,simply walk away because the banks will no longer cooperate or assist them.
In spite of what you`re hearing FNMA and Freddie Mac aren`t doling out assistance.
It`s becoming increasingly alarming when tenants are living in Rental homes and their landlord is being served a "Default Notice" by the lender. Once the Acceleration process commences there`s no turning back.
The housing crisis is in full swing, without some sort of resolution made in the near future, I predict we`ll see an increase of "Homeless" families in the very near future..
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