I posted this on my blog Random Thoughts. I thought it was important enough to copy to my Crossroads site as well.
In my business as a property manager, I have the opportunity to witness first hand many economic issues as they are happening. Between 2003 and 2008, I saw tenants buying homes that should have never qualified for financing. I saw property values soaring to unheard of prices. I saw investors buying and selling properties inflating numbers with the help of loose financing deals.
When the economy hiccups, tenants lose jobs and can’t pay rent. When the economy tanks, they move out, break their lease, and move in with Mom and Dad.
Here is what I am seeing now: Nearly every applicant looking to rent has student loan debt. This wouldn’t be so scary if the debt was tied to an education that led to a professional career. But these don’t. These are loans taken out by people trying to advance in some field but they end up back in a…
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