You might think apartment owners are doing fine -- or at least better than homeowners -- as waves of foreclosures push more people into rentals. But even the apartment industry can't escape the foreclosure-fueled credit crisis. That's because lenders stopped lending across the board.

So says Harvard's Joint Center for Housing Studies in a report you can read at the National Multi Housing Council site. (The council, a trade group, provided some of the support for the report.)

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Harvard's center notes a danger that apartment owners could follow homeowners into default if the lending situation doesn't improve, even though their loan performance "remains quite strong." Multifamily loans generally come due quickly -- in five to 10 years rather than 30 -- and industry players count on being able to refinance.

From the report:

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