Financial analysts at Morgan Stanley foresee more than a million jobs in construction or real estate in a plan to make rental units of foreclosed homes that Freddie Mac and Fannie Mae own now.

HousingWire's Justin T. Hilley quoted the firm as saying, "Even if only half can be turned into rentals, which would represent only a 20% increase in the total number of single-family rental properties available today, that could result in the creation of one million one-time construction-oriented jobs plus a possible additional 800,000 in permanent jobs, mostly in some of the hardest-hit sectors and the hardest-hit economic areas of the country."

Analysts estimate about 8 million properties will be sold in some form of distressed sale over the next five years, Hilley wrote.