Blackrock owns America’s homes – and a whole lot else, People are expressing concern that companies are buying up America’s housing stock, but the problem may run much deeper than that

American Thinker ^ | 06/12/2021 | Andrea Widburg

[G Larry]

Good luck with that.

[taildragger]

Why...

* What do they see or know about Biden-Econ we don't.
* Is this ESG on steriods.
* REIT's?
* How does it effect US and not them, with the talk of 1031 exchanges going away.

Econ, CPA, & Legal Eagle, Freepers please chime in....

[Whatever Works]

I can understand the driving need of the rich and powerful to acquire more (not condoning it, just acknowledging it is a historical truth), but once they bankrupt the world, establish their new digital currency, kill off a large swathe of the public and reduce our sovereign first world statuses (USA and Europe) to third world h___h____s, just how many human servants do they need? I imagine they plan to go to robots and eugenics for replacement people and parts.

What a world it will be. All of the SJWs will be gone (not needed)...They kinda forgot that by encouraging these movements, they are making themselves and the rest of us all obsolete.

[july4thfreedomfoundation]

This will cause politicians to pass “owner occupied dwelling” laws on the local and state level.

[patriotfury]

🇺🇸👍

[EEGator]

“Nobody is entitled to a single family home at a reasonable price. If anyone outbids you whether an individual or a fund, tough feces.”

Have you been reading Dale Carnegie’s How To Win Friends And Influence People?...

[Ladysforest]

Tutorial for whomever might be a first time buyer looking at say, a $250,000 home.

The first 5 years or so of a new mortgage goes mainly to interest.

Then factor in property tax - varies wildly depending on the state/town - but lets use an average of $2500 annually. This tends to increase a bit annually, so your mortgage will not remain the same as when you sign on the dotted line.

Lets say one has only a 5% down payment, then one HAS to have PMI for at least 2 years - so about $150 (unless it’s a VA loan) per month added to the mortgage, then add the insurance (meh, say $900. yearly) and taxes, and if you qualify for a 2.9% interest rate, you are at $1,422. per month before utilities and such. That’s if you don’t have condo or HOA fees too.

Around here we could rent a nice apartment for that, or even a decent house. True, no equity, but no upkeep either!

Anyway, total ~interest~ paid in the full 30 years on that above scenario is $118,000. ish. Total for all IF they get the PMI off after 2 years is $462,000 (not including property tax increases) paid over 30 years. Many people move after 5 to 7 years though, and have very little true equity built up.

And right now people are overpaying for fixers that are actually money pits from hell. We backed out of a contract on one such place - it had tons of charm, and tons of not very obvious BIG money problems revealed by a good home inspection. Just looked at another the other day - it’s the sort of place I itch to restore, but not worth the outlay.

NVA is a unique market, unfortunately.

For what it’s worth - we are homeowners, looking at buying in our target area to retire to, and about as qualified as can be for our target price range, but everything is getting snapped up within a day of hitting the market - anything on the market that had been languishing for a while - suddenly snapped up. A ton of that inventory is garbage, and now what is coming on is overpriced crap. We are waiting. Part of “earning” a home is patience.

[ProgressingAmerica]

It's important to consider that capitalism couldn't exist without morals - There's a reason why Adam Smith's first book is called "The Theory of Moral Sentiments."

None of this works without morality. But then again without morality it probably shouldn't be called capitalism anymore. What we have today has been perverted and re-perverted and re-perverted again for over 100 years by the progressives and is much closer to a social democracy than it is capitalism. You're right to dislike it, just know what is that you're disliking.

You might want to listen to this.(text)

https://librivox.org/the-theory-of-moral-sentiments-by-adam-smith/

[miserare]

OK. So who are the dark eminences behind Black Rock?

[miserare]

This is very scary.

One more way to bring down the middle class, by obviating home ownership.

[Phillyred]

Agreed.

[Clemenza]

Prefer Lenny Bruce’s version but thanks for the suggestion.

[SteveH]

what is behind blackrock??

[Honest Nigerian]

With all the posting of this stuff about B & V, I am beginning to think these articles are a plant to further attack free enterprise and capitalism. What we have here is faulty logic, or maybe a case of apples and oranges.
From what I understand, Vanguard is a huge mutual fund outfit (like Charles Schwab, or Fidelity or T.Rowe Price or American Century).
Blackrock is more like an umbrella for lots of partnerships (publicly-traded partnerships in may cases) that operate like mutual funds.
Now a lot of the Blackrock investments are owned by the more wealthy types of investors. But there are hundreds of thousands (maybe millions) of owners of the Vanguard funds. And somehow, saying everyone who shops at WalMart is participating in the rape of the DREAM of homeownership is very alarmist. I mean, I have an elderly neighbor who owns shares in several pharma companies.
To say nasty things about Blackrock and Vanguard - well, that is a red herring. And BTW - Vanguard for sure doesn’t OWN the companies in which its funds invests. The various funds are owned by shareholders of the funds.
I think the same is true with much of Blackrock funds/partnerships.
I would think it is time to further investigate who is pushing these stories out because someone is looking to paint Blackrock and Vanguard as the bad guy. Which is a good trick if you are Goldman Sachs (for example), or someone else in the money management business.