More homeowners becoming landlords

Posted by Bonnie Martin Designated Broker on Tuesday, June 17th, 2014 at 10:53pm.

goldhouse_buchachon_450money.cnn.com - Low mortgage rates and soaring rents have convinced a growing number of homeowners to hang onto their former homes and become landlords instead.

"Clients tell us all the time, 'We're never going to sell our home, even after we buy a new one,'" said Glenn Kelman, CEO of the brokerage, Redfin.

Susan Young of Lawrence, Kan., refinanced the mortgage on her house in 2013, landing a 3.25% rate on a 30-year fixed loan. She bought another house but has not put her old home on the market.

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