I have people PMing me about the rebounding housing market. Theyre asking me if things are finally getting better. Prices ARE climbing, but Ill remind you that home sales slumped by over 3% in October. The rebound is simply investor driven, by companies like Blackstone that snap up these homes on the cheap to use as rentals until they flip them. This investor driven buying is fueling rising home prices in many communities. The question is, will it last? There are people saving their homes from foreclosure, but seriously, as soon as market sentiment changes, Blackstone and their ilk will show their true colors and dump these properties back onto the market. starting the cycle of despair all over again. These are NOT long-term investments. Theres no sustainable momentum being created here, folks. The housing situation isnt really changing. Like many things of late (dont get me started), its just another illusion.
Posted on: Tue, 03 Dec 2013 05:55:51 +0000
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