Ou ah, give me dat free rent.
Of course what happens is the owner got to make the payments. Most cannot cash flow non performing renters and the results will now come home to roost. On top of that, add in the soon to be escalation clauses for interest for those who were dumb enough to get adjustable mortgages and the rest will be history....2008 again?
Recently a home sold a few doors away. When I heard the price I could not believe it. In essence it sold for 33% above the last sale six months ago directly across the street. 500 per sq foot. This cannot be sustained as the price was ridicules. None of these homes sit on a diamond mine, not hardly. The impact of this nonsense is much higher real estate taxes and insurance costs for all.