Imagine renting a house and one day, a marshal comes to your door and tells you that the house is in foreclosure and you have 10 days to move out? Or how about looking for a rental apartment but you can't find anything reasonably priced?
These are some of the after-effects of the credit crunch.
Renters can't escape housing crisis
Posted 1h 29m ago
By Stephanie Armour, USA TODAY
4/21/2008
The most brutal real estate slump in decades is reverberating through the rental market. Renters in properties that are being foreclosed on are being evicted. Homeowners forced into foreclosure are becoming tenants again and driving up rents. And renters not yet ready to buy a home — shut out by stricter lending rules or hoping to buy after prices fall still further — are creating a dynamic shift: Even as real estate is sputtering, the rental market is surging.
Monday, April 21, 2008
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