How will the meltdown in the sub-prime mortgage market affect renters like me?
While I believe the housing market is basically sound–obviously most folks don’t have sub-prime mortgages and aren’t going to default–I can’t help wondering if this means that a lot of former owners are now going to become renters over the coming year or two, thereby driving up rents. Then again, maybe it will mean that housing is available so cheaply that a lot of renters with good credit will be tempted into trying home ownership.
I don’t know the first thing about real estate or mortgages. I’ve had the usual Economics 201 course in college and I’ve read a few popular books and articles about economics, but I’m hardly anything like an expert on the subject.
So I’m asking Dopers who do have a handle on what’s going down how all this will affect renters like me in both the short and long terms.
(I’ve put this in Great Debates because I figure there’s going to be some extreme disagreement over the subject. If the mods don’t agree and move the thread, my feelings won’t be hurt.)