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Homes' short sales create rental opportunities.

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SHORT SALES OF SINGLE-FAMILY homes have become a new phenomenon in such "homeownership shadow markets" as Southern California and definitely are affecting apartment supply, according to a recent panel discussion held by the National Association of Real Estate Editors.

Short sales are options for owners who no longer can afford to keep mortgage payments current, but who want to avoid the bankruptcy or foreclosure proceedings that will tarnish their credit records. In doing one, lenders must agree to accept less from the owner/seller than the total amount due.

Gables Residential COO Susan Ansel noted, "That's creating an opportunity for renters that formerly might have been priced out of the homeowners market."

Ansel also pointed out that Gables' apartment portfolio has yet to see an increase in delinquencies from residents. She added that job and population growth remain strong in many markets and will continue to drive rental housing demand.
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Title Annotation:Management Insider
Publication:Units
Date:Jun 1, 2008
Words:152
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