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May 7, 2008

Study shows many renters losing homes, too

WASHINGTON -- Lease-abiding renters in four New England states are losing their homes to foreclosure as fast or faster than single-family homeowners who default on mortgages.

That's the conclusion of a report released today by the Washington-based National Low Income Housing Coalition.

The report examines Massachusetts, Connecticut, Rhode Island and New Hampshire, which have large numbers of two- and three-family homes and apartments.

The NLIH estimates at least 45 percent of the housing units in the final stage of foreclosure in those four states were occupied by renters whose landlords were behind on payments.

The estimate is based on foreclosure data covering all of 2007 and the first three months of this year.

The Journal reported today that the state's housing market is plunging, according to information reported by the Rhode Island Association of Realtors.

-- The Associated Press and projo.com staff

Posted by Mike McKinney  at 12:23 PM | Permalink

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