As more Americans go through foreclosure, the
number of households opting to rent single-family homes over the past five years
has grown at about five times the pace of that for overall shelter, according
to research firm Zelman & Associates.
In fact, the Obama administration is examining ways to pull foreclosed properties off the market and rent them to help stabilize the housing market. It is under serious consideration by senior administration officials because rents are rising even as home prices in many hard-hit markets continue to fall due to high foreclosure levels.
"Do you really think a 38-year-old with
two kids and two cars who was foreclosed on is really going back to an
apartment? It's not going to happen," says Ivy Zelman, the firm's chief
executive.
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