Paul Thornton's "The War on Renters" (July) ignores four key points:
1) When families lose their homes to foreclosure, they return to the rental market, which increases demand, drives up rents, and eats into the saving capacity of current renters.
2) Foreclosures aren't limited to single-family residences. They're also hitting multi-family rental properties, which reduces the supply of rental housing, again driving up rents--not to mention punishing occupants who were never themselves guilty of bad borrowing.
3) A wave of foreclosures predicated on risky lending leads to an overreaction in which even creditworthy borrowers may find it difficult to obtain credit.
4) While a market correction is undoubtedly necessary--it's already occurring--a rapid wave of foreclosures that results in abandoned properties leads to higher costs for everyone...