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Yes, Renters Are Also Screwed By LA's Foreclosures

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For all those renters celebrating the market's nosedive, consider David Lazarus' column in today's LA Times. As much as a quarter of all foreclosed single-family residences are occupied by renters, according to the California Apartment Association. (And 60 percent of Los Angeles residents are renters.) And according to Lazarus, the mortgage fallout could "mean even steeper rents because the wave of foreclosures has spurred greater demand for rental housing -- a blessing to landlords who don't have banks breathing down their necks." So renters, put down the kazoos, take off the party hats. [LA Times]