Homeowners are Forced to Rent Homes Because they Cannot Sell Them

ForeclosuresMass President and co-founder, Jeremy Shapiro U.S Sen. Claire McCaskill hosted a clinic this weekend in Missouri on ways to avoid foreclosures. There were 154 foreclosures in Greene County a year ago, by the end of this year, there could be more than 1,000, thanks to sub-prime mortgages. The Senator told attendees to be proactive if faced with a crisis. Hordes of frustrated sellers around the U.S. are renting out their homes because they cant seem to sell them. Thousands of vacant homes that are for sale or foreclosed have flooded the rental market in states like Florida, California and Nevada. Vacancy rates are expected to grow to 6.1 percent nationally. In California new filings of lender-owned properties fell for the first time in months to a total of 17,819 in May, down from 19,706 in April. Foreclosures also fell slightly in May for Sacramento and Placer counties.

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