Here’s an article in the Washington Post on what’s happening in the DC area. We can expect the same phenomenon to occur in San Diego by this time next year.
We’ll see what happens when the government has no choice but to cut the runaway spending. The DC area will get hammered.
Cold Sales Give Renters a Break
Vacancies, Prices Affected as Owners Lease What They Can’t Unload
By Dina ElBoghdady
Washington Post Staff Writer
Friday, January 5, 2007; Page D01
As home sellers grew more frustrated with the slow local real estate market in recent months, they abandoned their for-sale signs and put their homes up for rent. That has increased choices and cooled prices for tenants in one of the tightest and most expensive parts of the country.
“This is the first sign that the cooling housing market is having an impact on the rental market,” said Gregory H. Leisch, chief executive of Delta Associates, an Alexandria research firm that is scheduled to release a report today showing more vacancies in the region’s apartment complexes.
