[Lyndsey W]

...many foreclosures? I live in CA, and there's no shortage of rental homes, but the prices have skyrocketed. What's the deal?

[PennyLeeD2]

The landlords' costs haven't come down, they are going up. Plus more people need to rent. Many of the foreclosed properties aren't available to rent, but the people in them need to live somewhere. No one is lending money at the moment so the foreclosed houses aren't being turned into rentals at new lower prices.

[pilikia]

You answered your own question. Renta are going up because more people are renting. People are foreclosing, short selling, letting their homes go, and people are all renting now.Supply and demand