Posted on 04/08/2014 1:48:20 AM PDT by Neidermeyer
As home prices have soared in cities around the country, sales have cratered. The weather has been blamed, though the weather has been gorgeous in California where sales have crashed too, even in temporary boom town San Francisco. The “lack of inventory” and other excuses have been dragged out as well. In reality, homes have gotten too expensive....
Even for hedge funds, private equity funds, REITs, and other forms of Big Money with access to the Fed’s limitless free juice. They’d become powerful buyers over the last two years, gobbling up vacant homes sight-unseen by the thousands, in order to get them off the closely watched for-sale list and shuffle them over to the ignored for-rent list, where they might languish undisturbed. The hope is that they might rent them out somehow and sell them later at a big fat profit, to the dumb money via a ridiculously hyped IPO. But now their business model has collapsed.
Nice homes in D/FW start in the low hundreds (even less if you’re willing to do some work) depending on the area.
housing market driven by jobs market
no jobs, no one buying housing
Summer of Recovery VI: This Time We’re Serious™
-Borrowed from another Freeper.
A simple truth the left does not want you to consider...
Not only that, but if you buy a house in earth quake prone San Francisco you have to worry about having your car tipped
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