In an article titled “Rents Soar as Foreclosure Victims, Young Workers Seek Housing”, Alejandro Lazo describes how, in major cities such as Los Angeles, competition for rental properties is forcing the cost of monthly rents through the roof.
Actually, the “foreclosure mess” has created a new opportunity: now, many people who are renting can buy a home.
RebuildUS is able to acquire foreclosed homes in bulk from banks, and offer them for sale to people who might otherwise rent. For many, the opportunity to own a home is still “The American Dream” in which a renter’s “deposit” is a buyer’s down payment, and instead of “paying the rent” the homebuyer has a pathway where every dollar goes toward full ownership.
And, when that monthly payment is designed to be lower than local rents, then the home buyers can really begin to build wealth.