Sub-Prime: Investment Properties and the Tenants that Live in Them

As the Bush Administration insists that it won’t bail out “speculators” for making lousy purchases, we see that it is not always just the speculator that gets screwed. I’m not a fan of coming to the rescue of rich idiots who’ve taken nasty gambles on investment property, but as we see, the mortgage crisis has a very long tail, indeed:

Mortgage crisis inflicts collateral damage – Mortgage mess-

Especially hard hit are families that rent their homes from landlords facing foreclosure. RealtyTrac, a national real estate network that specializes in foreclosed properties, estimates that more than 20 percent of foreclosures involve investment properties; when landlords lose those properties, their tenants lose a roof over their heads with little warning.

By Tommy Belknap

Owner, developer, editor of DragonFlyEye.Net, Tom Belknap is also a freelance journalist for The 585 lifestyle magazine. He lives in the Rochester area with his wife and son.