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An unintended consequence of foreclosures - the renters that occupy the investor's property. The states with the most foreclosures - Florida, California and Nevada - have a definite problem with this. Since many of those areas also have weak rental markets, renters shouldn't have too much difficulty finding comparable rental properties at comparable prices to move to.
When foreclosure of investment properties happen in stronger markets with fewer rentals, like the NW or NYC, renters would likely face higher rents and fewer choices when they're forced to move.
Quoted: In the growing foreclosure crisis, thousands of families who rent their homes face eviction when owners default on their mortgages.
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The ice house project is interesting. The pictures and info about Detroit housing really good, especially the ones that compare circa 1950 to now.
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