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by CareyBot

Economic uncertainty and a growing number of people losing their homes to foreclosure in 2010 drove rents up as prices of for-sale homes dropped, according to a report by property search site HotPads.com. Rent prices nationwide rose 11.6 percent in 2010, from an average of $1,181 in January to $1,319 in December, the report said. "With the U.S. unemployment rate over 9 percent throughout 2010 (up from 4 percent in 2006), low-risk housing options became more desirable, a trend that may continue in the coming months," the report said. "At the same time, HotPads expects to see foreclosed and longstanding for-sale properties re-enter the market as rentals, which should expand the rental supply, thereby helping ease rent prices. This represents an interesting con...