With mortgage interest rates rising and home prices remaining at record highs amid a persistent shortage of houses for sale, more prospective buyers are becoming renters of single-family homes. The median sale price of existing homes edged up to $407,600 in May, another record, according to the National Association of Realtors. Meanwhile, the average interest...
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PRIVATE EQUITY LANDLORDS DRAW REGULATORS’ ATTENTION
For years, private equity firms have been buying single-family houses to rent out at premium prices, a trend that accelerated during the COVID War as the firms broadened their portfolios to include apartment buildings and even student housing. As home prices have skyrocketed, investment companies have swooped in, offering cash on the spot to sellers...
SOARING HOUSING COST REACHES MOBILE HOME PARKS
The high cost of houses and apartment rents has pushed more people with low incomes into mobile home parks, where surging demand is driving up rents in what has become the last housing refuge for those of modest means. About 6 percent of U.S. residences are so-called “manufactured homes,” housing roughly 20 million Americans, according...
SALES OF LUXURY HOMES FALL ALMOST 18 PERCENT
In April, 17.8 percent fewer U.S. luxury homes—defined as the most expensive 5 percent of houses in a given market area—were sold during the three months ending on 30 April, compared to the same period in 2021, the online brokerage Redfin.com reported, the largest monthly decline since the onset of the COVID War in March...
PLACE YOUR BETS: EUROPE WILL AVOID DEBT CRISIS, LAGARDE PROMISES
The European Central Bank (ECB) will take needed steps to ensure that the Eurozone avoids a debt crisis similar to the one during the Great Recession, ECB president Christine Lagarde said last week. In 2008, in several European countries, property bubbles burst, banking systems collapsed, governments flooded stimulus money into economies to save them, and...
U.S. TOOK PART IN OFFENSIVE CYBER OPS TO SUPPORT UKRAINE, TOP COMMANDER SAYS
Paul Nakasone, the U.S. Cyber Command director, confirmed in an interview last week that the department “conducted a series of operations” in support of Ukraine’s war effort against Russia. The four-star general did not go into specific details about what the operations entailed during his interview with Sky News, but said these offensive cyber operations...
PACE OF APRIL EXISTING HOME SALES SLOWEST IN TWO YEARS
In April, sales of existing homes slipped 2.4 percent from March and 5.9 percent year on year to their slowest rate since June 2020, when the economy was battered by the onset of the COVID War, the National Association of Realtors (NAR) reported. The figure represents contracts signed in February and March for sales that...
SPOTLIGHT: THE BIGS GET BIGGER
Each week, we report instances where the money junky hedge funds, private equity groups and the already big companies swallow another piece of the global economy. Here are some more of what the BIGS have been gobbling up and how the Bigs keep getting bigger and the rich keep getting richer. KKR BIDS $15 BILLION...
HOME BUILDERS FAVOR PROFESSIONAL INVESTORS OVER INDIVIDUALS
As rising mortgage interest rates, record-high home prices, and inflation squeeze more and more individuals and families out of the house-buying market, home builders are turning to professional investors to replace them. Investors buy homes in popular markets and nice neighborhoods, then rent them to people who want to live in a single-family home with...
HOME PRICES SET YET ANOTHER RECORD WHILE SALES FALL
The median selling price of a U.S. home rose 15 percent to $373,300 in March, according to the National Association of Realtors (NAR), a record dating back to at least 1999. At the same time, sales fell 2.7 percent nationwide from February, and 4.5 percent year on year, as rising mortgage interest rates combined with...