- cross-posted to:
- technews@radiation.party
- cross-posted to:
- technews@radiation.party
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Duh
What separates us from the guys they write movies about is that they can explain “why is duh”
Greedy people gonna greed.
Wall street investors are buying up all the houses, outbidding the normal home buyers, causing housing prices to go up. Then using the tight housing market to raise the rent prices on all the rental properties they turned the houses they bought into.
The original surge was covid lockdown, people who had money to buy, decided, “now is the time to buy, if i’m going to stuck at home for the foreseeable future,” and they did. Then the greedy mcgreedersons saw another opportunity to make more money.
This is the best summary I could come up with:
Sheila Bair, who had a front row seat to the subprime mortgage meltdown, is worried today’s housing market is unsustainably hot.
The good news is Bair does not see a repeat of the bursting of the mid-2000s housing bubble, which set the stage for the Great Recession.
In addition, mortgage lending standards are significantly tougher today, meaning fewer people are borrowing more than they can afford.
Although UBS acknowledges home prices have spiked to “dizzying heights” in recent years, the bank only sees two cities around the world at risk of being in a bubble: Zurich and Tokyo.
That’s the main reason Lawrence Yun, chief economist at the National Association of Realtors, says homebuyers shouldn’t hold their breath waiting for a drop in home prices.
Yun noted that many assumed London was in the midst of a housing bubble years ago – only to see prices continue to rise, albeit with fewer people participating.
The original article contains 1,078 words, the summary contains 154 words. Saved 86%. I’m a bot and I’m open source!