New Rent Report Suggests Possible Bubble
By Diana Olick, CNBC Real Estate Reporter
NEW YORK (CNBC) -- Typically when rents go up, more renters turn to home buying.
When home prices go up, more turn to renting, but today's housing market is anything but typical.
Rents were up 3 percent nationally in January, year-over-year, according to a soon-to-be released new rental index from Zillow.com. Home prices, however, were down 4.6 percent annually.When you look locally, the numbers are more dramatic.
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--Written by Diana Olick at CNBC.
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