Foreclosures vs. Rentals

By
Services for Real Estate Pros with Rural American Realty LLC

Actually this is more of a question than a blog post. I am curious with the increasing number of foreclosed homes out there, what effect is this having on the number of available rentals? Are landlords seeing an increase in the number of their rented properties, and in what classes are there increases, upper, middle, lower, or are they equal across the board? As an inspector who does foreclosed home inspections, I have seen more middle and upper middle class homes than I have anything else being foreclosed on. There is the added effect of decreasing methods of "creative" financing, and for that matter willingness to provide financing at all, which in theory at least should reduce the number of homes being purchased, naturally increasing rental occupancy in these classes. If anyone out there has this type of figures, or a location where I could find this info I would really like to see it.

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foreclosures
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Rainmaker
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Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Hi Terry,  We have seen across the board increases in available rental inventory.  The market glut has had a downward impact on rental prices.

Aug 23, 2008 02:03 PM #1
Rainmaker
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Bill C. Merrell
Merrell Institute ~ Appraisal Education Network - Bohemia, NY
Ph.D. - Merrell Institue

Foreclosures will be with for a very long time.

Several lenders have started renting these foreclosures in our area if they cannot sell them for even 80% of the indebtness.

All the best and keep on blogging.

Bill

Aug 23, 2008 02:18 PM #2
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Rainer
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Terry Stithem

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