I, for one, welcome our new foreign landlords!
This article is all over the place. Is he saying thing are good, bad, really bad, or unbelievably bad?
Investors ARE buying homes.
Dirt cheap money going into tangible assets.
My daughter just sold hers to a California outfit that is buying thousands of homes.
America is changing, only the upper class will “own” homes in the future.
A hedge fund manager will just love being called up to plunger a section 8 tenant’s toilet.
This is the brain playing tricks on us, as I see it. The ramp in uptake plus the rise in prices is, once again, fooling us into thinking that we want to frontrun a smallish bump in the road, mistaking it for a secular runup. “Buy now or be priced out forever”. In other words, we see a larval trend and forecast it out to infinity, Happens with home prices and with stocks. It is amazing that so many have forgotten the lessons of only a few years ago. It is true that homes in very nice areas are showing strength and I believe this is what is responsible for the uptick in median prices paid. We’re into the traditional homebuying season and this is to be expected.
I’m especially not happy about the idea of plopping yourself down and opening up your throat to vicious, incessant taxation from the local authorities.
I’ve had good experiences owning and later selling, profitably, real estate. I’m not liking it here. Call me skeptical.
Traditional home-buyers still can’t get loans, so the investor class, both foreign and domestic, is buying foreclosed and short sale homes to rent to the taxpaying peons who can’t get loans.
One of these days, Joe Blow might step away from his TV and realize he’s been financially destroyed by the Federal Reserve and the D.C. elites. He’ll head for the frig for another beer.
The banks are keeping repos off the market. Why you ask? Because if all the repos were on the market housing prices would plummet.