Metro areas that experienced more foreclosures during the housing bust have seen a larger increase in the share of single-family homes that are rented, according to a recent report from Zillow. The increase in the share of single-family homes that are rented has shown to be most prominent in the Southwest United States. Zillow states that a growing share of single-family homes are now being rented, and by extension, more of the country’s rental market is now composed of single-family homes.
The report states that for much of the 1980s and 90s, the share of single-family homes that were rented hovered between 12 percent and 15 percent, with that share slightly decreasing during the housing boom years. Since the housing bust, though, the share has skyrocketed and has increased from 13.4 percent in early 2007 to 18.8 percent by early 2015. Similarly, for much of the 1980s and 90s single-family homes accounted for roughly one-quarter of the country’s rental market. The report states that in spring 2007, single-family homes were 30.5 percent of all rental units but by spring 2015, they were 36.5 percent of all rental units.
Continuing an unfortunate trend for non-bank mortgage servicers in the second quarter of 2016, Walter Investment Management reported a net loss of $232 million for the three-month period ending June 30, 2016, according to the company’s Q2 2016 earnings report released Tuesday. One result of the losses for Walter Investment was a change in leadership. The company reported that they have hired an industry veteran as permanent CEO who is expected to start sometime during Q4.