From Shahien Nasiripour at the HuffingtonPost.com: Unable To Sell Their Houses, Millions Of Homeowners Are Turning Into Landlords
Since 2007 about 2.5 million homes have been converted into rentals, according to an analysis performed for The Huffington Post by Foresight Analytics, a real estate market research firm based in Oakland, Calif. The conversions account for about 85 percent of the increase in rental homes
The most prominent example may be U.S. Treasury Secretary Timothy Geithner, who after failing to sell his $1.6 million home in a New York City suburb found tenants instead.
Hmm…I wonder if Timothy Geithner is going to get a real education on negative cash flow.
Oh, BTW – Beacon Hill still has approximately 60 apartments available for rent for
September 1st, I mean for October 1st.