October is typically a time when house listings drop because it’s off season for home buying. Spring and summer is when the number goes up.
This means there is more supply than demand. This is a direct result of high interest rates and rising insurance (and HOA) costs. The money brokers have made it so it’s cheaper to rent than to own.
Do you remember someone saying “you will own nothing and be happy”. This is part of that globalist goal.
I’m not saying there’s anything inherently wrong with renting. It gives people the freedom to move as needed without the added burden of selling and buying a house (if they are going to buy again). The downside is when they retire they will still have to pay rent indefinitely at a rate they might not be able to afford rather than the goal of retiring with a paid-for home or at least a low payment. Huge difference in financial quality of life.
I should add that the entities buying up homes right now (like Blackrock and Vanguard) are paying cash. They also don’t need to insure these homes because if one is lost in a fire or hurricane they can just write them off. They don’t pay high interest rates or high insurance rates. Some of the highest property tax rates are in Florida, NY, and CA. In Florida you can expect to pay up to $10K a year just in property taxes. That’s just crazy in my opinion. No wonder there’s now an exodus from FL.
The rent from these homes pay the property tax and make a huge profit for these filthy rich entities buying homes. They are definitely playing the long game.