Since so many homes are in foreclosure, where are those families moving too?
Question:
Answer:
A lot of them are moving into apartments or renting houses. Others are moving in with friends/family members until they can get their finances back in order to be able to afford a new rental. It really depends on their financial status at the time they moved, though.
If the foreclosure victims are still in trouble, they'll probably have to move in with friends or family until they get a job, get over their medical disability, or overcome the financial hardship. With little or no income, they won't be able to live on their own again.
But some homeowners get their finances back in order and just don't have any options left to stop foreclosure. These homeowners can probably begin saving up for a security deposit and start paying rent on a new apartment or house. They won't be able to purchase a new house, but they can find a landlord that will let them rent-to-own, if nothing else.
Unfortunately, a number of foreclosure victims have nowhere to go, and end up homeless, but I would imagine this is a small percentage of homeowners. But a real financial crisis can result in the inability to keep the house with no other options.
Hope that answers your question.
ForeclosureFish
http://www.foreclosurefish.com/...
Their best option is to rent until they solidify their financial situation.
Rental houses/apartments, with their parents, or outdoors
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