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Why Johnny Cant buy a house, In part

Manonthestreet

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According to a Wall Street Journal report, BlackRock – led by billionaire Laurence Fink – is purchasing entire neighborhoods and converting single-family homes into rentals; while in cities like Houston, investors like Fink account for one-quarter of the home purchasers.
Be interesting to see a state by state breakdown
 

JohnDB

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According to a Wall Street Journal report, BlackRock – led by billionaire Laurence Fink – is purchasing entire neighborhoods and converting single-family homes into rentals; while in cities like Houston, investors like Fink account for one-quarter of the home purchasers.
Be interesting to see a state by state breakdown
Yeah...figured something like that was coming.
The homebuilders can't build homes... supply chains are a disaster zone and we currently have a housing shortage in America....that's why the value has gone up so drastically. (A little over half is done by small independent contractors)

However...the forbearance on mortgage payments will end and even though nobody really knows that foreclosures are up they are going to go through the roof once the protection is gone.
Some who have been able to secure new jobs will refinance (at higher rates) but many will lose their house and become renters again.
Because the underwriting has been really good banks aren't going to lose out this time...but it will flood the market with house flips and turning large homes into several condominiums for renters. And because of the demand for rentals the rental rates are going through the roof too. Downsizing is going to be the most common part of life. But those with cash will make out like bandits at certain stages... keeping a sharp eye and fast pencil will be extremely helpful.

Affordability zone is gone...not coming back for a while. Global economics works well when the whole world is working...not holed up crazy from fevers and hacking up a lung.

It's going to become a dance here soon and timing of rates vs supply and price is going to be beyond most people to figure out.

Wages aren't going to increase and jobs are going to become scarce due to the home office really becoming more of a permanent reality than ever before. The lower tier jobs of service work are evaporated by the home office. The hot dog and bagel cart jobs are gone.

Office spaces are going to be turned into apartments. Caterers and downtown lunch places may never make a comeback.

There's a rising disparity between the educated and highly skilled workforce and the low skilled workforce...and it's getting wider.
 

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