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Daily Real Estate News  |  August 7, 2009  |   Think Tanks Predict More Renters
While most people think the worst of the housing crisis is over, there are some skeptics who predict that the industry will face further serious challenges.

A new analysis compares the cost of renting to the cost of buying and concludes that they are now close to equal. It also predicts that because of persistent joblessness there will be fewer buyers and more renters in the future.

The study, released Thursday by two think tanks -- the Center for Economic and Policy Research (CEPR) and the National Low Income Housing Coalition (NLIHC) -- also says current home owners with mortgages will remain underwater for “some time,” increasing the likelihood that foreclosures will continue.

"In communities where foreclosure remains a problem, home owners should be given the opportunity to remain in their homes as renters paying the fair-market rent," says Dean Baker, Co-Director of CEPR and an author of the study.

Source: Center for Economic and Policy Research and National Low Income Housing Coalition (8/06/2009)

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