Because many of the homes purchased by real estate speculators over the past few years of the housing bubble were rented out, tenants are now finding themselves subject to eviction as the property owners go into default.
"The California Apartment Assn., the state's largest organization of rental property owners, estimates that as much as a quarter of all foreclosed single-family residences are occupied by renters. The number of renters ensnared in the foreclosure fiasco is even larger when duplexes and other multi-unit buildings are factored in."
"And the evictions show no sign of abating. Many now-foreclosed properties had been purchased by real estate speculators taking advantage of dirt-cheap loans, who rented the properties to tenants before falling behind on mortgage payments."
"This 'shadow market' of renters isn't being tracked by organizations that compile statistics on established rental properties, Conway said, adding that the number of such renters has grown in the Inland Empire."
"Karen Fricke, executive director of the Apartment Assn. Greater Inland Empire, an organization of rental property owners, said it was no secret among landlords that many renters were getting caught up in the mortgage meltdown."
FULL STORY: Shadow victims of the mortgage crisis: renters

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Chicago’s Ghost Rails
Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.

Amtrak Cutting Jobs, Funding to High-Speed Rail
The agency plans to cut 10 percent of its workforce and has confirmed it will not fund new high-speed rail projects.

Ohio Forces Data Centers to Prepay for Power
Utilities are calling on states to hold data center operators responsible for new energy demands to prevent leaving consumers on the hook for their bills.

MARTA CEO Steps Down Amid Citizenship Concerns
MARTA’s board announced Thursday that its chief, who is from Canada, is resigning due to questions about his immigration status.

Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant
A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.
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