Loose lending standards have allowed more people than ever to qualify for a mortgage and buy a home. Thus, the homes in the $1800 – $3300 rental market in Poway stand empty for 45, 90, 101 days. All the potential renters are now homeowners (probably paying with option-ARMs).

The rental prices are about $1/sq ft. I find it interesting that these houses are vacant so long, and that they’re so cheap when compared to the cost of buying.