Think the economy is only hurting the housing market concerning ownership, it is also effecting the rental industry. Rent had been rising and vacancy rates were falling. We all expected rentals to be the safety net for those who lost their homes. Not true, the economy has people going from their foreclosed home into a house of a friend or reltative. The seller who takes the stand, "My house won't sell in this market but I'll rent it and sell it in a few years," might be in for a surprise. There are not renters out there who can afford to pay the rent.Selling now might be the lesser of all evils. Apartment hunting is easier now than ever. The shaky economy is making even renters afraid to commit. Renters are doubling up. People are having trouble paying their rent. Finally, the inventory is growning more units available and new building have been built.
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