In foreclosure crisis, demand for family homes in Phoenix rises

People looking for family-size houses to rent in Phoenix-area neighborhoods have far fewer choices. Since September, the number of available rental homes in metropolitan Phoenix has dropped by 40 percent, and probably even more than that when it comes to three- to four-bedroom homes in desirable neighborhoods. The sharp drop is another ripple effect of the foreclosure crisis. At first, foreclosures increased the number of houses in the rental market. And people who lost homes to foreclosure or short sales, or who just walked away from underwater mortgages, found they could rent similar-size houses, often in the same neighborhood, for less than their mortgage payment.

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