> This clearly means that the rental vacancy has increased in the last few years which has led to many homes in the nation's largest metros sitting empty, even

> This clearly means that the rental vacancy has increased in the last few years which has led to many homes in the nation's largest metros sitting empty, even though some of them are at very reasonable prices. People moved out of cities. There's less demand, but prices are sticky because you can't risk taking less money than you owe on the unit without defaulting on your loans. There's not really a soft-landing in these markets without some sort of government subsidized refinancing options. But as a nice side effect it would alleviate rent prices in these areas. Still, I don't think people should worry about economic contagion like in 2007. This effect is geographically isolated specifically to key metro areas, is concentrated with institutional real estate investors, and these debts have not been chopped and screwed into as many tranches of CBO packages as previously.