The US home vacancy rate is soaring like never before, as millions of unwanted and unneeded homes pile up and desperate homedebtors look for renters.
Rents will tumble, and Lawrence Yun is as much an economist as George Bush is a scientist.
Home builders are suffering right now. But Yun says that means they'll slow construction and remove the excess inventory that's depressing prices. He says new buyers are moving into the pipeline, too.
Lawrence Yun: We have seen rising apartment rents, so that is beginning to squeeze those people who are renting. Also at the same time, we have seen rising mortgage purchase applications.