According to the Wall Street Journal, Wall Street is buying up residential properties. No good can come from it in my opinion. They will alter the landscape in their image. They don’t own much now, but their ownership is rapidly increasing, and their goals are to increase it considerably and rent out homes in traditional American neighborhoods.
Harris has made it clear that she welcomes big investors into these American neighborhoods to buy the single family home, but, of course, she would. The single family home is the American Dream.
The Wall Street Journal Reports:
Nationally, Wall Street landlords that have more than 1,000 units in their portfolios own just 1% of all of America’s family homes and 4% of all of the houses that are rented out. In most areas, their presence is still too small to have much effect on local housing dynamics. If current trends continue, though, their share of the market for single-family rentals could increase 10-fold by the end of the decade, MetLife Investment Management estimates.
There are a handful of U.S. neighborhoods where investors are densely clustered, particularly in Georgia, North Carolina, Florida and Texas. They have bought more than 1,000 homes in 53 zip codes, putting their ownership of the local housing stock anywhere from 4% to 12%, according to data from real-estate analytics firm Parcl Labs. The data includes some houses temporarily owned by builders, as well as foreclosed properties on banks’ books, but most are held by institutional landlords.
The big investors pay cash, even for homes that need a lot of work. They get their foot in the door and then rent out the homes. They have the upper hand:
Regular home buyers find it tough to compete with these deep-pocketed investors. Corporate landlords are willing to pay in cash and to buy homes that aren’t in great shape. It is easier and faster to sell to an investor than to a first-time buyer who needs time to arrange financing and might try to negotiate on price if a house needs repairs.
They look for the three-bedroom homes, and grab up the bargains:
Wall Street housing investors tend to herd into the same neighborhoods because their algorithms spot the same opportunities. They screen the country for cities and towns with population growth and job openings—places where there is likely to be competition for homes. They prefer to own three-bedroom, suburban properties that are around 1,500 square feet in size and offer a convenient commute downtown. Young parents like these kinds of homes, and landlords like to rent to families because they become sticky tenants once their children enroll in local schools.
Big landlords are also able to sift through reams of data to spot bargains. The 53 zip codes where they are most densely clustered offer cheap housing. The median single-family home price in these areas is $345,400, based on Redfin data—around a fifth below the national level. Rents, however, are only 3% below the national median.
Democrats want to eliminate the single family home since many of the owners are Republican. Democrats are urbanized. This would be most acceptable to many of them.
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Not sure about this one.I watched as homes were bought up in 2008 but also bought a home at the same time. Yes prices are high but I invest in REITS that own land, apartments, hospitals, warehouses, cell towers and many other things and use that money to fund my retirement so can many of you. I agree inflation is… Read more »
Rod , Have you ever made 1,000-percent return on a stock? I did. 1,000-percent return in a Year on GI 2004-ish; before acquisition. So, I know the stock market better than anyone. I know it is crooked I know it is corrupt. I know Monopolies Rule! I know to bet on the Corruption! I also know that “Government” has been… Read more »
I think you are a scam !!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Bye
It’s a land grab, well a housing grab. I recall in 2012 when the hedge funds bought up all the cheap homes from the 2008 financial collapse. In the process they reinflated the housing bubble. They are still renting those homes at obscene prices. I never liked the idea of corporations buying up housing for profit. It’s unAmerican because it… Read more »
Investors buying up homes is a great way to begin block busting. Put a few undesirable families in there (at taxpayer expense because the government always sends in the rent check on time often at inflated prices) to create panic and watch the white people flee. After whites have fled, the area usually takes a downturn mostly due to crime… Read more »
Everything right now is riding on the cost of housing and property remaining artificially inflated by all means. The bankers housing bubble they manufactured is about to burst, again. and the panic will start setting in sooner rather than later. All they’ve done for the last 30 years is to try and prevent the inevitable and make things way worse… Read more »
Government will just print them more money and all will be well.
Theyve been doing this for over 20 years! Yes, it must be stopped and reversed; because nobody can afford 500,000. homes in the ghetto! Yes, I got row houses in my ghetto going for over 500k! How will the kids Survive? Rent Slaves? Thats the Agenda. Stop Wall Street Purchases of SFHs and rents; because they have Hedge Funds Piling… Read more »
And, A Home is not a Dream, it is a Necessity. A country that makes a Home a Dream is a Nightmare!
Educate the young people so they will stop voting for socialists. These expensive homes in the ghetto are the ones being bought or rented mostly by young people because they were told it was hip to move to the inner city. These ghettos are perfect for young alcohol and pot adled liberals because they think as long as crime doesn’t… Read more »
Do you even know why these houses were priced up to GODS GOLDEN STREET LEVELS? HEDGE FUNDS … WHO HAVE MORE MONEY THEN GOD. They are buying the Homes , using them as collateral and derivatives, then controlling the market to raise prices to GODS KINGDOM LEVELS! Matter of Fact, I think they have GOD Beat. I guess they`replaying GOD!… Read more »
And, this is a-lot bigger than all of you know. The Hedge Funds are also Stopping Building; because they own the Builders! So … No New Homes are being Built increasing the Inflation. Government has to break the Hedge Fund Monopoly on Housing or Youre All Doomed! Wait until your property tax swallows your Home! Youll all be homeless; because… Read more »