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For one thing, people who have had their homes foreclosed still need a place to live.  Very often they may have lost their jobs or have had to take employment that simply doesn't pay as much - working behind a counter instead of in an office, for instance.  With investors coming into the area and buying up homes that have been foreclosed on that can be rented, then there is more rental property available for those who simply cannot afford a mortgage.  Make no mistake, many lenders say that you can afford a mortgage for the same amount as paying rent, but this isn't always the case.