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Another credit crisis victim: Long Island renters

Writer Claudia Gryvatz Copquin has been renting a three-bedroom place in Northport for herself and her family for eight years. Her lease is up in January and she can't find a new place to go. With foreclosures on the rise, she expects that an apartment on Long Island will be even more difficult to find and that rents will rise. "Some experts speculate that our very shortgage of rental housing is in part to blame for today's subprime crisis," she writes. Read more of her op-ed in today's Newsday here.

Posted by Valerie Kellogg on November 30, 2007 12:15 PM |

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Comments (2)

Posted by Frank Giovinazzi | November 30, 2007 16:54

When renting a home in today's market, you may want to stick with properties that have been owned for at least 5 to 10 years, in order to avoid becoming an unwitting victim of foreclosure.

News reports from around the country are telling the stories of renters who are getting evicted out of homes in foreclosure by recent investors who have mortgages higher than market rent.

In order to avoid this, investigate the property history -- as well as mortgage and lis pendens filings.

 

Posted by Kevin Loiacono | December 2, 2007 11:10

Get a lease! Very important if the property changes hands.

 

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