Former homeowners now in market for a rental

06.26.09
By Lewis Green

Foreclosures continue to be prevalent across the country despite government efforts to keep families in their homes.

While some households are able to refinance their mortgage rates and others are able to negotiate on the terms of their home loans, families facing foreclosure have to find a new place to live.

A recent TransUnion survey of property managers around the U.S. revealed that many are experiencing more difficulty locating qualified renters compared to last year at this time.

However, about half of the property managers did say that they are seeing an increase in the number of applicants looking for a rental unit who were moving from a foreclosed property.

"While one would expect to see a more pronounced increase of applicants coming from foreclosures in this environment, a possible conclusion to draw is that many consumers coming from these circumstances are moving in with family members or friends to share expenses," said Mike Britti, group vice president of TransUnion's rental screening group.

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