After all WaMu collapsed and got bought out over a weekend and customers did not even notice the difference. Why would rental housing be different? Talk about bailing out speculators.
DC
On Fri, Oct 10, 2008 at 6:01 PM, shag <shag at cleandraws.com> wrote:
> it would be interesting to know what the percentage of non-owner
> foreclosures normally is, since it's a factoid that would certainly provide
> some ammo for Sean Andrews' rant for his father!
>
> from a CEPR paper by Dean Baker, Danilo Pelletiere and Hye Jin Rho
>
> "Roughly, 40% of the recent foreclosures nationwide appear to be of
> non-owner occupied single family and multifamily rental homes.6 In most
> cases renters in these
> units are threatened with eviction."
>
> the footnote:
> "Preliminary NLIHC tabulations of Massachusetts data from the Warren Group
> find that only 42% of the bank repossessions in that state from January 1,
> 2007 to mid March 2008 were single family homes. Another 14% were
> condominiums. And fully, 42% were for buildings with two or more units.
> These type of results have been mirrored by other reports. For example, a
> recent report found that "38 percent of foreclosures now involve rental
> properties," affecting "at least 168,000 households nationwide," and that
> roughly half of the recent foreclosures in Nevada, Illinois and New York
> involved rental properties. CBS Evening News (2008, March 27). Foreclosure
> crisis causing crisis for renters. Transcript received from Lexis-Nexis
> March 28, 2008.
>
> http://www.cepr.net/documents/publications/ownrent_2008_04.pdf
>
> http://cleandraws.com
> Wear Clean Draws
> ('coz there's 5 million ways to kill a CEO)
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>