VIEWS: 2 PAGES: 1 CATEGORY: Business & Economics POSTED ON: 5/30/2010
The credit quality of prospective renters has held steady, suggesting that the foreclosure crisis is not spilling over to threaten the financial health of the apartment sector, according to a study by the National Multi Housing Council (NHMC). The NMHC white paper noted that homeowners of foreclosed properties have not been flocking to the apartment sector, as evicted homeowners only represent between 2% and 6% of apartment applicants. The report found that only 5.4% of rental applicants had a record of being 90 days or more past due on their home loan or having been in default on their mortgage.
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