Foreclosures Not Necessarily Producing Renters

July 20, 2009

A surprising number (nearly 50%) of former homeowners are
taking up residence with family members and roommates instead of attempting to
rent their own one-room apartments, according to a Rent.com survey regarding
vacancies. The expected strengthening in the rental market simply has not
occurred, as some homeowners are simply selling off possessions or simply
leaving them behind in foreclosed homes.

Kentucky
Takeaway: With more foreclosures being driven by unemployment, keep tabs on the
job status of in-state friends and family. Unexpected roommates may be just a
layoff away. Real Estate Education in this market is a must.

With the recent dip in the economy and and now is reported that the jobless rate is up. Times are tough but the economy is a cycle it will take time. There is something to be said about patience. We knew this was going to be bad. Think about it we had so many years of prosperity. Now the market was booming like crazy. Anyone and everyone was getting a refinance. Those days are over now interest rates are all-time lows to keep people still buying houses so there is a complete freeze. But nonetheless things are still tough. The economy will rebound if the system is a cycle