DETROIT-Detroit homeowners are adopting a new strategy by renting out their properties to repay their mortgage loans due to sluggish demand for the purchase of real estate. As a result, the number of leases accounted for 20% of all deals in the Detroit market compared to a lesser than 5% in a normal market.
Most of the homeowners employ realtors to handle the lease transactions, while some do it themselves to avoid the cost of paying a realtor. For the full story, go to The Detroit Free Press.
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