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Just spoke to an old friend who has been a real estate agent for 35 years. He said companies like BlackRock and others from all over the earth, are buying up properties like mad. They get such easy credit or have so much money they outbid home buyers by $50k-$150k or more.
He also thinks this is part of a bid to either weather inflation or it is the great reset (he knew about that). Basically they are not building new houses but renting out previously owned ones. In our city, which is an enormous ghetto, this spells disaster for the few relatively safe pockets with good schools. Here the companies will lose money in the long run.
Blackrock is competition but most home buyers driving today’s markets are fully funded with cheap money and/or CASH from the sale of an expeneisive home in CA or NY. Those folks are taking that cash and bidding up homes in FL, AZ and TX.