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Does home foreclosure create a different type of tenant?

Many economists and social scientists have examined the financial crisis that led many Americans to lose their homes in 2008 or shortly thereafter. Some believe that this home foreclosure crisis drastically altered the rental housing market in certain hard-hit areas. As many Florida families continue to struggle with making ends meet a decade later, this concept is not surprising. 

When significant numbers of homes are lost to foreclosure, an opportunity arises for investors to purchase those properties and convert them into rental homes. That is true even in high-dollar neighborhoods in certain parts of the country. As long as there are sufficient tenants to keep those properties occupied, single-family homes continue to be a good investment for landlords. 

Statistics also show that many younger families are choosing to rent single-family homes at an age when their parents and grandparents would have been likely to purchase a home. That may be due to increasing home prices in some areas. It could also simply be a reflection of a change in how home ownership factors into today's American dream. 

For those in Florida who are struggling to keep their homes out of foreclosure, it's important to take a proactive stance in the matter. Sitting down with a bankruptcy attorney can help clarify the available options. In many cases, it's possible to remain in your home and avoid home foreclosure through bankruptcy protection. That can allow the breathing room needed to restructure finances and regain stability. As with all big decisions, being fully informed is the best way to reach a favorable outcome.

Source: mercurynews.com, "Foreclosure hangover: '08 crisis created a new class of renter", Marisa Kendall, April 18, 2018

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