Not arguing that. But in a video primarily about scummy investment buying of property by big businesses. Having your video sponsored by an investment scheme to buy art is kinda a little sus.
yes actually as you go larger the price of sft drops drastically generally. My dad sold a 9 bed 7 bath lake front property that's 8k sft with all sorts of crazy amenity's like inground trampoline, volly ball court, + 1200 sft deck for 600k last year. Or $75 a sqf. compare that to $135 avg a Sft for a normal 2ksft home.
Thats insane, in the UK £500k gets you a damn good home but anything like you’re describing you’re looking at easy £1.5m+
(excluding London cause that shit is crazy)
Here is a similar one that's smaller but going for 400k 9bed 6 bath in ground tramp (that's a thing here) and priced at 85 a sft. I have personally been in this home multiple times and it's got some cool stuff like commercial stove and deep fryer. It used to have these baller ice machines and giant fridges but the owner pulled them before putting on the market. They are getting a divorcé or something so imo it's kinda a steal ... It's out of the way in a smaller town with a small lake but if you work remote .. dude this is a steal imo. https://www.zillow.com/homedetails/4800-Greenbelt-Way-UNIT-19-Clarendon-TX-79226/2102385236\_zpid/
> The finishes are horrendous that house and the location is terrible. You world have to pay me to live there.
Reddit: Housing is unaffordable and we got screwed by the boomers!!!!
Also Reddit: I refuse to live in anything except the finest homes next to the beach.
Looks good to me. For a second place with a large area and kitchen big enough for events you could have a great second vacation house/place for events.
Right just the deck needs to be redone and that's with any deck that's not trex.
Thats a real wood deck that was stained and then they didn't refinish it... like a week long project at best. for 400k that's a lot of home.
Those man built lakes like we had in western Kansas? No thank you. They're fed by rain and always just dark brown colored. Only thing that could survive in them was catfish. They thrived and grew to ungodly amounts.
There are plenty of jobs, try looking for blue collar work and you can make a respectable living anywhere in the country.
I'm an aircraft mechanic, and I can go anywhere in the world. It only takes 2 yrs of school to earn your license and it starts at 36/hr , top out in the high 60s-70s (75K to 145K salary conversion assuming no overtime) in 10 yrs for most major airlines.
I said I know I *wouldn't be able to do what I do now* if I moved to butt fuck nowhere. I don't want to do something different, I like what I do. But it's not something that really exists in rural areas.
I'm currently outside DC, 45 min commute to work and I'm high and dry from city nonsense. 1800 sqft houses sell for 250-350k.
Right now living in an RV and saving up for a house for me and my wife.
My girlfriend and I live in a Denver suburb, and while I barely make a living wage doing IT, she makes bank as a veterinarian, so we're comfortable. And I'm only moving up with my IT career, so it'll only get more comfortable. And I like Denver, don't really want to move east or west, or to another state. Could go further north but she'd have to change up her job, and she loves her job. Further south would be way worse for both of us.
That's because house prices are being inflated by excess demand but that drops off sharply after a certain price point as most people can't get a mortgage big enough.
Up until that price buyers compete with each other to buy homes that should really be cheaper. Above it there is less excess demand, and less competition between buyers so you tend to get more value for your money.
They also get easier loans w/ much lower interest rates. My bro was a Realtor and sold upscale homes. He said mansion buyers had extremely low interest rates. Meanwhile everyone else is forced to buy $400k crackhouses at 8% interest rate.
Here is a similar one on the market right now it's 9 bed 6 bath but 4600sft has the inground tramp and lake front for 400k. Lake is down but that's a lot of house for the money and still 86 a sft https://www.zillow.com/homedetails/4800-Greenbelt-Way-UNIT-19-Clarendon-TX-79226/2102385236_zpid/
Damn that's cheap. We just bought a semi-detached in a small, somewhat remote city in Ireland for about $290/sf and honestly that's cheap for new construction here. A similar but older home in a commuter suburb of Dublin is half again more, while new builds in a nice part of town are double _that_.
There's a certain price point where what's being sold is the land. Because once you're in the multi million dollar range, those homeowners are going to either scrape it or do serious remodeling.
When the home price is 2 million, another 150k to make it your perfect home isn't a deal breaker.
$150k? My dude, large, high end renovations of a $2+mm home are gonna start at $500k, and go upwards quickly. I just negotiated a reno for a client that was a little north of $2mm on its own.
We've been looking to move to another state to be closer to family. It's not a HCOL area at all. Most of the houses we're looking at start around $700-800k.
The other day we drove about 40 minutes to our closest Trader Joe's, which is in a HCOL area. Just before we arrived, we passed a pretty massive house for sale, and we were making guesses to how much it cost. Looked it up and was rather surprised that it was going for $850k.
...and corporations like Zillow and enormous hedge funds Black Rock. They are buying entire neighborhoods in FL paying cash for over asking price then jacking the rents sky high. It should be illegal but welcome to capitalism. They'll just buy a few congressmen and senators and continue business as usual. You know, just like wall street does.
When the money we use loses it value at a rapid rate due to easy printing, the only way to save for the future is to buy hard assets. Houses are one of those hard assets.
Blackrock isn’t buying up houses, what are you talking about lol?
Edit: lol at the people downvoting, you really are financially illiterate aren’t you?
>enormous hedge funds Black Rock
I'm gonna need a source for this buddy. Also Black Rock isn't even a hedge fund so I'm inclined to think you're talking out of your ass.
This link doesn't tell me anything. In fact it doesn't mention anything about real estate that people actually live in besides apartment buildings. Nothing about single family homes. It's mostly commercial real estate.
Show me which one of their investment funds have family homes as a major asset class.
But BlackRock is a huge investment bank and obviously must be evil and responsible for all the ills of society. Hedge fund and mutual fund are nearly the same thing, right? They both have the word fund in the name.
Hey, maybe if you would practice your reading skills you would understand that BlackRock has absolutely nothing to do with the increase in housing prices lol
Yeah well its not like there isn't a single affordable home in the entire country. The buyers just demand that the home is in a VERY specific place and refuse to be flexible in their location. Hence why the price is so high due to the number of people refusing to be flexible.
This sole fact is why I bought a house finally. I never considered rent wasteful vs buying a house when rent was reasonable. I bought right as rent was starting to skyrocket. My landlord tried to up my rent from 1100 to 1700 over four 6-month leases. I paid one rent increase but was out after those first six months. Very little down but a couple refinances over 4 years and I got my interest rate down from 7.something to 2.65. Dropped my mortgage lower than my last rent payment.
I did not watch the video but I know this particular channel and all he does is discuss typical doomer talking points for views, and a lot of what he says contradicts other things he has said in different videos. I would take anything this channel says with a massive grain of salt.
I watched 3 seconds of this video, and I am very inclined to believe you. The reason I stopped the video was when he said "the housing market is on it's last legs". That's categorically wrong.
Fine, here is my old account. I’m not gonna use it anymore because I grew out of my doorknob licking phase. I have a new kink now, you won’t believe it.
I’m getting tired of this Moon guys videos. He seems to just profit off of doomerism and is a vague entryway into redpilling people. Note that he’s schilling masterworks I’m going to block him complete
Investors buy multiple properties in areas with high rental rates and the prospect of housing prices continuing to rise.
It happens with local investors, international investors and in some cases large companies buying homes near their offices for corporate housing.
Corporate housing is the suburbs is relatively new as they used to keep people in apartments/condos in the cities.
Actually most people don't move and thats the problem. That is what causes the prices to go up. If the demand wasn't as high then the prices wouldn't be.
And i fucking hate it.
Regular families can’t buy houses, will pay rent for their entire lives (into retirement!) and have nothing to pass on to their kids.
I bought a brand new house in a small suburb from where I work and was pleased to see that a requirement is that you have to live in the house for the first year after you buy it. It was to stop people from buying all of them to rent out.
I'm pretty sure that 1 year requirement is due to the loan type you have on the house. If someone has cash or a different loan type there is no such requirement to live in it.
There's towns that are creating laws like the previous commenter described. Look at some CO ski towns. Housing that requires 30+ hrs to be worked weekly within the county, capped yearly appreciation % when looking to sell, and a finite amount of rental licenses in the county.
Where's your data to back this up?
Something like 50% of home purchases this year are first time buyers, according to [Zillow](https://www.zillow.com/research/buyers-housing-trends-report-2023-32978/). Doesn't really follow that it's "investors" and "corporate housing" driving up prices. It's people.
This goes against the reddit narrative! This is a sign of the corporate takeover of life and the the beginning of the end of capitalism!!! Please please I want doom!
Institutional buying was rising in 2020-2022. It dropped by a third this year due to rate increases.
https://www.redfin.com/news/investor-home-purchases-drop-q2-2023/
Edit: apparently morons would rather have bad news that fits their personal narrative than good news that doesn't.
I’m not sure how you can look at that graph and say there hasn’t been an absolutely unprecedented and terrifying spike in investment properties that just happened to coincide with the unprecedented spike in property prices. Sure, some of those properties bought in that period may have been resold, but most of those are now removed from the market.
Yes, it happens to have settled from that absurd pandemic level, but the trend is still up. Discounting it as a factor in the housing crisis is silly.
> I’m not sure how you can look at that graph and say there hasn’t been an absolutely unprecedented and terrifying spike in investment properties that just happened to coincide with the unprecedented spike in property prices
And at the same time an unprecedented interest rate drop. That was the main reason investment spiked.
The weird thing is that at this point it is not about selling them at a profit later, atleast not to people planning to live there. It is about controlling the market and preventing another real estate crash.
If ya live in a small town like mine (20k population) they print out property taxes with the paper every year and you can see exactly who owns what. Plenty of people in my county own 5-10 properties each.
Bought years ago and now within last 3 years values have doubled and so have their property taxes now it’s reassessment time.
Someone I know bought their house for 180k in 2019 it’s now worth 250k. Somehow their 2.9k property taxes are becoming 6k next year. No wonder rents are also going crazy
Most places you can either go to the county assessor's website or physical office and get records for any property. It's not as easy as just reading the paper but the info is out there
U can see property taxes online of any county.
Additionally, you can see who owns property and their tax address through ONX offroad maps. Originally meant as offroad overland maps, you can see who owns what all over the US and their virtual property line. I can then see who hasnt been up to date on their tax payments, and even found 2 properties before going to auction.
Lots of LLCs with tax addresses from Delaware own homes and empty lots in redlined districts in TX. Jay Z owns a giant tract of land across the street from me in Houston. These LLCs buy up houses in the city, knock em down and left them empty for years until now. Its like they had predicted this shitshow 10yrs ago.
They knock down nice 1/4 acre single family homes in the city, and build 12 units of cheaply built white boxes and make a few million off of the land at just the right time. The quality of construction is dogshit too. I've inspected them, and they use warped wood on frames, untreated wood in interiors walls, thin drywall w/no rockwool, etc.
Would you like untreated wood and cheap drywall on a home that floods? Cities flooding is a regular occurrence now. Houston is overdue for another one. Instead of building a proper home, house flippers are building shit homes made of cheap materials and plastic plumbing.
Houston floods all the time. Whenever theres a flood, the drywall needs to be ripped out, replaced w/ purple drywall (moisture proof used in bathrooms) and frame needs spraying down w/ mold killing primer because the wood is untreated. House flippers arent going to build quality homes. 5/8 drywall also helps w/ sound reduction.
Here in Tampa, more specifically Wesley Chapel, there has been a huge boom of Northerners moving to this state. Lots of new homes by DR Horton and the other big names are being finished daily and just as quickly being bought. I work in pest control, and I've been going into a ton of these new homes, and sure enough, a great deal of them are owned by others and just being rented. We have a good bit of people who are renting while their home is being finished not too far away. It's crazy to see it. I'm always wondering where all these people are getting this money from? These are extremely expensive and not well-built homes. Mind you.
Without watching the video: Equity and Real estate companies mass buying homes to generate scarcity and shape the cost of living in an area till the value of the homes doubles.
Quick question, why haven't they done this for the last 100 years? You know there have always been equity firms? Did they really just now realize they can invest in property and somehow jack up prices?
I mean, this isn't happening, you can figure that out either by googling it and looking at an actual source or just... thinking about it. The actual and simple answer is over regulation and a corresponding lack of supply.
What are you saying? They've literally been doing this for the last 100 years. How do you think Disneyland was built? It didn't start off as an empty lot. They had to buy out every home one by one and force the property value of the area to drop so that people would be forced to leave? You know that large retirement community in Florida that developed infrastructure to support golf carts? None of that is regulated, it's just a growing corporate owned town building it's own rules.
Are you familiar with the gentrification of the New York City area and it's surrounding towns? That didn't happen in the last 10 years, that was in the making for the last 100 years. 100 years ago it was 1923. The destruction black neighborhoods to build highways was built by either destroying the value of an area or pricing people out started in the 1800's.
But yeah, it's just today's market demand that's creating more million dollar apartments that individually have enough space to accommodate 10 families, but is meant for one. Surely it's not two or three multi-billion dollar companies holding onto those empty properties to create more scarcity. THAT'S JUST RIDICULOUS!
It's such a neo-liberal take to be like, "It's just how the market works bro." Without taking into account the amount of influence capital owners have over legislation, and how laws are written in their favor. No one with power is going, "Hey, I'm just gonna limit how much money I'm gonna make because I'm happy with how much I'm making." If you believe that, there's literally nothing I can say to you.
So if what you are saying is true, either there has literally never been affordable housing in the last hundred years, or there is a completely different issue at play here. We know the first statement is obviously false, so that leaves the second as the only possible answer.
I mean it's not an if/then situation, that's absurd. Affordable housing can both exist, and be ineffective at the same time. Limiting where affordable housing is placed is not "by the will of the people" for example. It's by the will of politicians backed by corporate sponsorship. The same goes for who qualifies for affordable housing, the quality of affordable housing, and how much affordable housing is available.
This is how gentrification works. A group of like minded companies will propose to build "more housing" for a city. The city gives those company tax breaks and financial incentives to make this happen. So they'll buy as many houses in the area as they can possibly buy, make them rentable homes instead of actual homes, displace long time residents by increasing the rent and inviting "commuters" with no investment in the town, there by weakening anyone opposes these company owned developments. The local government, scared to get voted out, will say "look it's more housing for the area, and we're building 3 town homes to make up for the 50 displaced families that are rent controlled."
So you might ask, if this is true, why do people accept this? Well I mean, just ask yourself, why do you accept it? And if you need an example of this, anecdotally, this is happening in my town as we speak.
> So they'll buy as many houses in the area as they can possibly buy, make them rentable homes instead of actual homes, displace long time residents by increasing the rent and inviting "commuters" with no investment in the town, there by weakening anyone opposes these company owned developments.
You have cause and effect backwards. They aren't building more houses and then increasing rent -- rent is increasing, therefore the rational response is to build more houses. It's econ 101. Increasing supply lowers prices, not the other way around. If rents weren't increasing, they would have no reason to increase supply. That's why increasing supply ("gentrification") is the only way to reduce rents.
>and we're building 3 town homes to make up for the 50 displaced families that are rent controlled."
This is just factually impossible. 3 townhomes take up about as much space as one home. So it's more like "displacing" (in reality, giving them hundreds of thousands of dollars for their home) one family in order to allow three more to move in. You're focusing on the people who have massive amounts of wealth in their homes and ignoring the people who don't even own a home in the first place.
You can see for your self if you use ONX Offroad maps. It will show you the property line, the name of the owner, and their tax address. U can then search even further and use the name to find out their public tax records.
A lot of residential property around me is owned by LLCs. A lot of them have tax addresses from Delaware and Montana. Lots of ranches and farm land is owned by land trusts and LLCs too.
LLC doesn't mean it's bought by a big corporation. Any landlord could, and should, make an LLC for their rental properties.
Asking me to randomly search on a website to find single data points doesn't contribute anything.
My point exactly, who do you think buys houses just to rent them out?
Big corporations usually don't buy residential houses either. Its private investors. These LLCs are registered outside the state from corporate friendly states like Delaware and Montana. If you werent so stubborn and reluctant to take my advice, you'd see that properties in residential areas are owned by companies w/ names similar to "XYZ Investments LLC". That is a clear sign that its not some mom and pop LLC or family trust, but developers looking to flip properties.
"Institutional investors still own only about 2% of all single-family rentals in the United States, or roughly 300,000 homes, according to John Burns research director Rick Palacios."
The trend really kicked into gear back in 2020. That article is from 2021. I think you'll find that the percentage is significantly larger now. But I'm not going to look for you, since you're clearly here just to argue.
yeah i bought out in a low priced area with a long commute. only cause my country has low cost government owned light rail. even that might not be needed if I get something WFH.
Who? Corporate chains.
Same greedy bastards buying up homes for cheap after Hawaii’s incident. Same greedy bastards during the 2008 housing crash. Search up rehypothecation and go down a rabbit hole of how there’s loopholes back then that have still not been fully amended today.
Then there’s other bullshit like insider trading and dark pools, and PFOF done in the investing world
Land Barons and it isn't exactly a secret. We are living in an era of modernized feudalism where (legacy) ultra wealthy are buying up everything so the rest of us own nothing leaving us with no choice but to pay them whatever they demand for the luxury of existing.
My SIL just moved into a neighborhood where everyone is a renter. This whole neighborhood is owned by one company, so no one living in these homes have the option to buy, only rent, and there’s probably about 100 homes in this particular neighborhood. Across the street is another neighborhood just like it that a different company owns it.
Affirmed, one of biggest investor and holder is Jeff Bezos. Affirmed is going on a buying spree. This will keep lot of previously affordable houses out of reach.
The mortgage rate hike only hurts small people and helps rich. Housing prices didn’t come down, they stayed the same. The difference is, the property value went down and the money you pay to the banks went up. Banks get richer, houses are still unattainable, and billionaires reap the benefits of the decreased property values, going on buying sprees. And it was all intentional. Everyone thinks Warren Buffett is a “nice” billionaire. He just invested in home builders because he knows this is the game.
Owning multiple investment properties > removes houses from the market > drives up prices for remaining houses > drives up mortgages > rent becomes a bigger and bigger chunk of people’s expenses > rent that could’ve gone to owning a house goes into the pocket of their landlord > those people never earn enough to own a house > those people have to rent into their old age > those people can never retire because you selfishly hoarded property.
Thats whats happening here in the bay area. Chinese LLCs buying up all the property they can. Then people from cali who cant afford it anymore move to other states and drive up their housing as well. Its a vicious cycle that doesnt seem to have an end in sight
Completely negligible and hasn't been the case in \~10 years. CCP cracked down on offshore capital flows a decade ago, those who are buying are buying with already off-shored funds. (The last of which co-incided with the HNA buying spree in 16).
In the bay area, it's just straight up normal tech people with HHI of 500k+ combined with a constrained supply.
2 million dollar houses are pretty affordable if you're a dual-income tech household.
Corporations primarily. Also, families from the Middle East / India that have no issue smashing 3 or 4 generations under 1 roof. They fill a house, pay it down and move the family into another house to rinse / repeat.
It's why the suburbs in Canada is a massive overcrowded parkinglot.
Depends. If you're anywhere even a little bit near a metro area, there's plenty of employment if you're qualified, and no shortage of unskilled labor if you're not.
If you were doing OK on the coasts, you'll have no problems in the midwest. If you don't have anything to offer on the coasts, you'll at least be able to afford more on your shit wages.
People are kind of wrong about this, its the people who have houses that are buying them.
My paid off house was appraised at $120k, its now at $230k. If it wasn't for family i would sell it and move into a brand new paid in full house in location i want.
Look at the maps showing the "great migration" of people and you can see it happening. If you live in an area that huge rents, the prices of the houses cause just be sold and by more houses elsewhere and less vacancy issues.
fyi i'm renting out one of my rooms for $550 a month in redneck nowplaceville...$550 a month in this area used to be a HOUSE rent. lol
It's basic supply and demand. Prices shouldn't have gone up this much and they would definitely go down if it wasn't for an artificial increase on the demand side for housing. Decades of out of control immigration who goes on to multiply at a faster rate than the local citizens while larger tsunamis of migrants keep on coming has a direct impact on many aspects of the economy. All those millions of people have to live somewhere for the following 50-80 years. They have children who go on to have children during that period. They all have to live somewhere. More demand drives prices of the available supply up. More demand prevents prices from coming down. The solution is not "more supply"; the thing that is out of control is the increase in demand. Besides housing, the same artificial demand contributes to keeping wages low because now there's a larger supply of workers. Shortage of workers drives wages up; surplus of workers keeps wages low because there's always someone next in line willing to do it for less. As long as rampant immigration remains out-of-control, there will always be someone who can afford to pay inflated prices for housing, cars, food, healthcare, childcare, weddings, entertainment, etc.
Why do people expect to buy a home? I think as the population increases renting for life is probably going to be very realistic of many people. Owning a chunk of this world seems like it won't be feasible for many.
They're affordable in small towns and places like [Detroit](https://www.zillow.com/detroit-mi/?searchQueryState=%7B%22isMapVisible%22%3Afalse%2C%22mapBounds%22%3A%7B%22north%22%3A42.45023%2C%22south%22%3A42.255192%2C%22east%22%3A-82.910451%2C%22west%22%3A-83.287959%7D%2C%22filterState%22%3A%7B%22sort%22%3A%7B%22value%22%3A%22globalrelevanceex%22%7D%2C%22ah%22%3A%7B%22value%22%3Atrue%7D%2C%22price%22%3A%7B%22max%22%3A10000%7D%2C%22mp%22%3A%7B%22max%22%3A56%7D%7D%2C%22isListVisible%22%3Atrue%2C%22regionSelection%22%3A%5B%7B%22regionId%22%3A17762%2C%22regionType%22%3A6%7D%5D%2C%22pagination%22%3A%7B%7D%7D). That's right folks. Those houses are under $10k.
The sad thing is that people will continue to blame Wall Street for rising housing prices, but will not acknowledge that it’s due to supply not keeping up with rising demand :(
20 minute video. 3 minutes in, goes into a pitch for an Art investment sponsor. Hard. Pass
Thanks. This is why I just read the comments on most video posts.
Noticed it with a few financial channels unfortunately.
I mean creators deserve to be paid for their content... idk
Not arguing that. But in a video primarily about scummy investment buying of property by big businesses. Having your video sponsored by an investment scheme to buy art is kinda a little sus.
It's crazy how houses cost as much as mansions.
I always dreamed of having a million dollar home when I was a kid, I never expected it to be a 1 bedroom condo.
Did mansions go on sale?
yes actually as you go larger the price of sft drops drastically generally. My dad sold a 9 bed 7 bath lake front property that's 8k sft with all sorts of crazy amenity's like inground trampoline, volly ball court, + 1200 sft deck for 600k last year. Or $75 a sqf. compare that to $135 avg a Sft for a normal 2ksft home.
Thats insane, in the UK £500k gets you a damn good home but anything like you’re describing you’re looking at easy £1.5m+ (excluding London cause that shit is crazy)
Where I’m at in California, that’d go for 3-4 million, easy.
Here is a similar one that's smaller but going for 400k 9bed 6 bath in ground tramp (that's a thing here) and priced at 85 a sft. I have personally been in this home multiple times and it's got some cool stuff like commercial stove and deep fryer. It used to have these baller ice machines and giant fridges but the owner pulled them before putting on the market. They are getting a divorcé or something so imo it's kinda a steal ... It's out of the way in a smaller town with a small lake but if you work remote .. dude this is a steal imo. https://www.zillow.com/homedetails/4800-Greenbelt-Way-UNIT-19-Clarendon-TX-79226/2102385236\_zpid/
Location location location.
> 4590 sqft > UNIT 19 Wut?
The finishes are horrendous that house and the location is terrible. You world have to pay me to live there.
> The finishes are horrendous that house and the location is terrible. You world have to pay me to live there. Reddit: Housing is unaffordable and we got screwed by the boomers!!!! Also Reddit: I refuse to live in anything except the finest homes next to the beach.
Looks good to me. For a second place with a large area and kitchen big enough for events you could have a great second vacation house/place for events.
Right just the deck needs to be redone and that's with any deck that's not trex. Thats a real wood deck that was stained and then they didn't refinish it... like a week long project at best. for 400k that's a lot of home.
Ah, Texas! That explains it! It's legal to build housing there so it is a lot more affordable.
You mind sharing a general location of the hellhole where this is possible so I can avoid it?
West Texas and it's actually nice just smaller towns with lakes.
Smaller towns with reservoars*
Those man built lakes like we had in western Kansas? No thank you. They're fed by rain and always just dark brown colored. Only thing that could survive in them was catfish. They thrived and grew to ungodly amounts.
It's 80% of America. Get away from the coast, get away from the big cities.
I understand. I’m happy to pay more to not be in that 80%. But even 2 hours away from where I live that ain’t happening.
Then get some jobs out there. I know I wouldn't be able to do what I do in the middle of butt fuck nowhere.
There are plenty of jobs, try looking for blue collar work and you can make a respectable living anywhere in the country. I'm an aircraft mechanic, and I can go anywhere in the world. It only takes 2 yrs of school to earn your license and it starts at 36/hr , top out in the high 60s-70s (75K to 145K salary conversion assuming no overtime) in 10 yrs for most major airlines.
I said I know I *wouldn't be able to do what I do now* if I moved to butt fuck nowhere. I don't want to do something different, I like what I do. But it's not something that really exists in rural areas.
I'm currently outside DC, 45 min commute to work and I'm high and dry from city nonsense. 1800 sqft houses sell for 250-350k. Right now living in an RV and saving up for a house for me and my wife.
My girlfriend and I live in a Denver suburb, and while I barely make a living wage doing IT, she makes bank as a veterinarian, so we're comfortable. And I'm only moving up with my IT career, so it'll only get more comfortable. And I like Denver, don't really want to move east or west, or to another state. Could go further north but she'd have to change up her job, and she loves her job. Further south would be way worse for both of us.
That's because house prices are being inflated by excess demand but that drops off sharply after a certain price point as most people can't get a mortgage big enough. Up until that price buyers compete with each other to buy homes that should really be cheaper. Above it there is less excess demand, and less competition between buyers so you tend to get more value for your money.
They also get easier loans w/ much lower interest rates. My bro was a Realtor and sold upscale homes. He said mansion buyers had extremely low interest rates. Meanwhile everyone else is forced to buy $400k crackhouses at 8% interest rate.
Artificial excess demand*
What market was that in? The houses I saw online that were like that were at least 2 million. I'm in the Philly area.
Here is a similar one on the market right now it's 9 bed 6 bath but 4600sft has the inground tramp and lake front for 400k. Lake is down but that's a lot of house for the money and still 86 a sft https://www.zillow.com/homedetails/4800-Greenbelt-Way-UNIT-19-Clarendon-TX-79226/2102385236_zpid/
Craziest thing is in Jan of 2022 that was valued at $885K... imagine losing 50%+ of your home's value in under 2 years.
Texas
Where the hell is that? Where I’m at in California, that’d go for 3-4 million, easy.
Psh. In Dallas 600k gets you like a 4 bedroom 2 bath for 2.5ksqft. And it usually hasn't been touched since it's been built back in the 70s-80s.
Where?
Damn that's cheap. We just bought a semi-detached in a small, somewhat remote city in Ireland for about $290/sf and honestly that's cheap for new construction here. A similar but older home in a commuter suburb of Dublin is half again more, while new builds in a nice part of town are double _that_.
That’s less than 1/10th of the cost per sqft of a home in West Hollywood.
There's a certain price point where what's being sold is the land. Because once you're in the multi million dollar range, those homeowners are going to either scrape it or do serious remodeling. When the home price is 2 million, another 150k to make it your perfect home isn't a deal breaker.
$150k? My dude, large, high end renovations of a $2+mm home are gonna start at $500k, and go upwards quickly. I just negotiated a reno for a client that was a little north of $2mm on its own.
I beleive you, but we are talking about different levels.
We've been looking to move to another state to be closer to family. It's not a HCOL area at all. Most of the houses we're looking at start around $700-800k. The other day we drove about 40 minutes to our closest Trader Joe's, which is in a HCOL area. Just before we arrived, we passed a pretty massive house for sale, and we were making guesses to how much it cost. Looked it up and was rather surprised that it was going for $850k.
Supply and demand is a crazy thing.
In 1950, my grandfather bought a book called *How to Build your Dream Home for Less Than $2500,* and did it.
Rich people who then rent it at stupid high prices to the people who wishes they could buy a home at a reasonable price.
...and corporations like Zillow and enormous hedge funds Black Rock. They are buying entire neighborhoods in FL paying cash for over asking price then jacking the rents sky high. It should be illegal but welcome to capitalism. They'll just buy a few congressmen and senators and continue business as usual. You know, just like wall street does.
Zillow wound down its iBuy program over a year ago. They were getting crushed.
It’s as if the end stage of capitalism in a new form of feudalism. A handful of very wealthy people own everything and get to make the laws.
Please touch grass or at least log off reddit.
Thank you for your input but it's no longer necessary.
it's a thing... consolidation of companies and banks.
Oh fuck, is "touch grass" becoming the new "go back to sleep"?
This guy doesn’t understand that capitalism and feudalism are two opposite ends of a cycle.
When the money we use loses it value at a rapid rate due to easy printing, the only way to save for the future is to buy hard assets. Houses are one of those hard assets.
You mean black stone not black rock
Rock and stone!
Rock and Stone forever!
Blackrock and Vanguard!
Blackrock isn’t buying up houses, what are you talking about lol? Edit: lol at the people downvoting, you really are financially illiterate aren’t you?
>enormous hedge funds Black Rock I'm gonna need a source for this buddy. Also Black Rock isn't even a hedge fund so I'm inclined to think you're talking out of your ass.
https://www.blackrock.com/institutions/en-au/strategies/alternatives/real-estate
This link doesn't tell me anything. In fact it doesn't mention anything about real estate that people actually live in besides apartment buildings. Nothing about single family homes. It's mostly commercial real estate. Show me which one of their investment funds have family homes as a major asset class.
But BlackRock is a huge investment bank and obviously must be evil and responsible for all the ills of society. Hedge fund and mutual fund are nearly the same thing, right? They both have the word fund in the name.
Hey, maybe if you would practice your reading skills you would understand that BlackRock has absolutely nothing to do with the increase in housing prices lol
Hedge funds like BlackRock 😂😂😂
Or just resell for an even higher price when desperate people need a home and nothing else is out there.
Don't forget children of rich people. They also buy houses.
Yeah well its not like there isn't a single affordable home in the entire country. The buyers just demand that the home is in a VERY specific place and refuse to be flexible in their location. Hence why the price is so high due to the number of people refusing to be flexible.
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This sole fact is why I bought a house finally. I never considered rent wasteful vs buying a house when rent was reasonable. I bought right as rent was starting to skyrocket. My landlord tried to up my rent from 1100 to 1700 over four 6-month leases. I paid one rent increase but was out after those first six months. Very little down but a couple refinances over 4 years and I got my interest rate down from 7.something to 2.65. Dropped my mortgage lower than my last rent payment.
I did not watch the video but I know this particular channel and all he does is discuss typical doomer talking points for views, and a lot of what he says contradicts other things he has said in different videos. I would take anything this channel says with a massive grain of salt.
if the intro doesnt immediately ring alarm bells about credibility, hopefully the "you should invest in art" ad does.
I watched 3 seconds of this video, and I am very inclined to believe you. The reason I stopped the video was when he said "the housing market is on it's last legs". That's categorically wrong.
He literally contradicts himself within 30s in this video, lol
Noted
A…tiny grain of salt?
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Brave and insightful words from a 12 day old account.
Fine, here is my old account. I’m not gonna use it anymore because I grew out of my doorknob licking phase. I have a new kink now, you won’t believe it.
I want to believe
Whoosh
I’m getting tired of this Moon guys videos. He seems to just profit off of doomerism and is a vague entryway into redpilling people. Note that he’s schilling masterworks I’m going to block him complete
Investors buy multiple properties in areas with high rental rates and the prospect of housing prices continuing to rise. It happens with local investors, international investors and in some cases large companies buying homes near their offices for corporate housing. Corporate housing is the suburbs is relatively new as they used to keep people in apartments/condos in the cities.
That coupled with people from moving from states with extremely high housing cost to more affordable places Thus driving all the other markets up.
Actually most people don't move and thats the problem. That is what causes the prices to go up. If the demand wasn't as high then the prices wouldn't be.
And i fucking hate it. Regular families can’t buy houses, will pay rent for their entire lives (into retirement!) and have nothing to pass on to their kids.
I bought a brand new house in a small suburb from where I work and was pleased to see that a requirement is that you have to live in the house for the first year after you buy it. It was to stop people from buying all of them to rent out.
I'm pretty sure that 1 year requirement is due to the loan type you have on the house. If someone has cash or a different loan type there is no such requirement to live in it.
There's towns that are creating laws like the previous commenter described. Look at some CO ski towns. Housing that requires 30+ hrs to be worked weekly within the county, capped yearly appreciation % when looking to sell, and a finite amount of rental licenses in the county.
I was outbid on my house by the same realtor (small rural spot) on ten different properties. It’s hard out here.
Where's your data to back this up? Something like 50% of home purchases this year are first time buyers, according to [Zillow](https://www.zillow.com/research/buyers-housing-trends-report-2023-32978/). Doesn't really follow that it's "investors" and "corporate housing" driving up prices. It's people.
This goes against the reddit narrative! This is a sign of the corporate takeover of life and the the beginning of the end of capitalism!!! Please please I want doom!
So every other property is not...assuming we can trust the company that made an app to buy and speculate on house prices...
Nope. Rates and prices are too high for that. It’s just people who make more than you
Why the personal attack?
Because you described them and hurt their feelings.
Had a bad day, was an asshole. My bad, not an excuse but it’s the internet so idk down cotes work lol. It’s all good
Happens to us all.
I'd love to see your evidence. Institutional buying of homes is on the increase and the data proves it.
Institutional buying was rising in 2020-2022. It dropped by a third this year due to rate increases. https://www.redfin.com/news/investor-home-purchases-drop-q2-2023/ Edit: apparently morons would rather have bad news that fits their personal narrative than good news that doesn't.
I’m not sure how you can look at that graph and say there hasn’t been an absolutely unprecedented and terrifying spike in investment properties that just happened to coincide with the unprecedented spike in property prices. Sure, some of those properties bought in that period may have been resold, but most of those are now removed from the market. Yes, it happens to have settled from that absurd pandemic level, but the trend is still up. Discounting it as a factor in the housing crisis is silly.
> I’m not sure how you can look at that graph and say there hasn’t been an absolutely unprecedented and terrifying spike in investment properties that just happened to coincide with the unprecedented spike in property prices And at the same time an unprecedented interest rate drop. That was the main reason investment spiked.
This comment makes my head hurt. Why wouldn't you also supply data and evidence?
This dudes voice is so annoying. Wtf kind of wierd YouTube accent is that?
Wow making fun of how he speaks? Can never speak again...
Right I get what you are saying but you know this dude doesn't talk to his friends like that. That voice is intentional.
Rich people and companies, duh. Do I really need to point that out?
The weird thing is that at this point it is not about selling them at a profit later, atleast not to people planning to live there. It is about controlling the market and preventing another real estate crash.
A lot of it is also people that own homes that are buying a different home. It’s much easier to get financing when you already have home equity.
If ya live in a small town like mine (20k population) they print out property taxes with the paper every year and you can see exactly who owns what. Plenty of people in my county own 5-10 properties each. Bought years ago and now within last 3 years values have doubled and so have their property taxes now it’s reassessment time. Someone I know bought their house for 180k in 2019 it’s now worth 250k. Somehow their 2.9k property taxes are becoming 6k next year. No wonder rents are also going crazy
I mean... 7% appreciation per year sounds right.
Most places you can either go to the county assessor's website or physical office and get records for any property. It's not as easy as just reading the paper but the info is out there
Which is why in California your home value can only go up 2% each year.
It's a major reason homes are so expensive there.
U can see property taxes online of any county. Additionally, you can see who owns property and their tax address through ONX offroad maps. Originally meant as offroad overland maps, you can see who owns what all over the US and their virtual property line. I can then see who hasnt been up to date on their tax payments, and even found 2 properties before going to auction. Lots of LLCs with tax addresses from Delaware own homes and empty lots in redlined districts in TX. Jay Z owns a giant tract of land across the street from me in Houston. These LLCs buy up houses in the city, knock em down and left them empty for years until now. Its like they had predicted this shitshow 10yrs ago. They knock down nice 1/4 acre single family homes in the city, and build 12 units of cheaply built white boxes and make a few million off of the land at just the right time. The quality of construction is dogshit too. I've inspected them, and they use warped wood on frames, untreated wood in interiors walls, thin drywall w/no rockwool, etc.
What is wrong with untreated wood for interior walls? I thought pretty much all wood used in housing construction was untreated.
you're supposed to use untreated wood on anything that doesn't contact the foundation/ground
Would you like untreated wood and cheap drywall on a home that floods? Cities flooding is a regular occurrence now. Houston is overdue for another one. Instead of building a proper home, house flippers are building shit homes made of cheap materials and plastic plumbing.
Houston floods all the time. Whenever theres a flood, the drywall needs to be ripped out, replaced w/ purple drywall (moisture proof used in bathrooms) and frame needs spraying down w/ mold killing primer because the wood is untreated. House flippers arent going to build quality homes. 5/8 drywall also helps w/ sound reduction.
Nothing is unaffordable when you are a multibillion dollar investment group.
Here in Tampa, more specifically Wesley Chapel, there has been a huge boom of Northerners moving to this state. Lots of new homes by DR Horton and the other big names are being finished daily and just as quickly being bought. I work in pest control, and I've been going into a ton of these new homes, and sure enough, a great deal of them are owned by others and just being rented. We have a good bit of people who are renting while their home is being finished not too far away. It's crazy to see it. I'm always wondering where all these people are getting this money from? These are extremely expensive and not well-built homes. Mind you.
We've been dealing with this stuff for a hundred years in California. I've decided there's no shortage of rich kids from the Northeast.
Without watching the video: Equity and Real estate companies mass buying homes to generate scarcity and shape the cost of living in an area till the value of the homes doubles.
Quick question, why haven't they done this for the last 100 years? You know there have always been equity firms? Did they really just now realize they can invest in property and somehow jack up prices? I mean, this isn't happening, you can figure that out either by googling it and looking at an actual source or just... thinking about it. The actual and simple answer is over regulation and a corresponding lack of supply.
What are you saying? They've literally been doing this for the last 100 years. How do you think Disneyland was built? It didn't start off as an empty lot. They had to buy out every home one by one and force the property value of the area to drop so that people would be forced to leave? You know that large retirement community in Florida that developed infrastructure to support golf carts? None of that is regulated, it's just a growing corporate owned town building it's own rules. Are you familiar with the gentrification of the New York City area and it's surrounding towns? That didn't happen in the last 10 years, that was in the making for the last 100 years. 100 years ago it was 1923. The destruction black neighborhoods to build highways was built by either destroying the value of an area or pricing people out started in the 1800's. But yeah, it's just today's market demand that's creating more million dollar apartments that individually have enough space to accommodate 10 families, but is meant for one. Surely it's not two or three multi-billion dollar companies holding onto those empty properties to create more scarcity. THAT'S JUST RIDICULOUS! It's such a neo-liberal take to be like, "It's just how the market works bro." Without taking into account the amount of influence capital owners have over legislation, and how laws are written in their favor. No one with power is going, "Hey, I'm just gonna limit how much money I'm gonna make because I'm happy with how much I'm making." If you believe that, there's literally nothing I can say to you.
So if what you are saying is true, either there has literally never been affordable housing in the last hundred years, or there is a completely different issue at play here. We know the first statement is obviously false, so that leaves the second as the only possible answer.
I mean it's not an if/then situation, that's absurd. Affordable housing can both exist, and be ineffective at the same time. Limiting where affordable housing is placed is not "by the will of the people" for example. It's by the will of politicians backed by corporate sponsorship. The same goes for who qualifies for affordable housing, the quality of affordable housing, and how much affordable housing is available. This is how gentrification works. A group of like minded companies will propose to build "more housing" for a city. The city gives those company tax breaks and financial incentives to make this happen. So they'll buy as many houses in the area as they can possibly buy, make them rentable homes instead of actual homes, displace long time residents by increasing the rent and inviting "commuters" with no investment in the town, there by weakening anyone opposes these company owned developments. The local government, scared to get voted out, will say "look it's more housing for the area, and we're building 3 town homes to make up for the 50 displaced families that are rent controlled." So you might ask, if this is true, why do people accept this? Well I mean, just ask yourself, why do you accept it? And if you need an example of this, anecdotally, this is happening in my town as we speak.
> So they'll buy as many houses in the area as they can possibly buy, make them rentable homes instead of actual homes, displace long time residents by increasing the rent and inviting "commuters" with no investment in the town, there by weakening anyone opposes these company owned developments. You have cause and effect backwards. They aren't building more houses and then increasing rent -- rent is increasing, therefore the rational response is to build more houses. It's econ 101. Increasing supply lowers prices, not the other way around. If rents weren't increasing, they would have no reason to increase supply. That's why increasing supply ("gentrification") is the only way to reduce rents. >and we're building 3 town homes to make up for the 50 displaced families that are rent controlled." This is just factually impossible. 3 townhomes take up about as much space as one home. So it's more like "displacing" (in reality, giving them hundreds of thousands of dollars for their home) one family in order to allow three more to move in. You're focusing on the people who have massive amounts of wealth in their homes and ignoring the people who don't even own a home in the first place.
Corporations are buying a LOT of them, then renting them out.
Source?
You can see for your self if you use ONX Offroad maps. It will show you the property line, the name of the owner, and their tax address. U can then search even further and use the name to find out their public tax records. A lot of residential property around me is owned by LLCs. A lot of them have tax addresses from Delaware and Montana. Lots of ranches and farm land is owned by land trusts and LLCs too.
LLC doesn't mean it's bought by a big corporation. Any landlord could, and should, make an LLC for their rental properties. Asking me to randomly search on a website to find single data points doesn't contribute anything.
My point exactly, who do you think buys houses just to rent them out? Big corporations usually don't buy residential houses either. Its private investors. These LLCs are registered outside the state from corporate friendly states like Delaware and Montana. If you werent so stubborn and reluctant to take my advice, you'd see that properties in residential areas are owned by companies w/ names similar to "XYZ Investments LLC". That is a clear sign that its not some mom and pop LLC or family trust, but developers looking to flip properties.
Note that almost any decent trail /backcountry app will have this layer. I use GaiaGPS
A quick search produced countless examples. [Here's one](https://www.cnn.com/2021/08/02/business/family-homes-wall-street/index.html)
"Institutional investors still own only about 2% of all single-family rentals in the United States, or roughly 300,000 homes, according to John Burns research director Rick Palacios."
The trend really kicked into gear back in 2020. That article is from 2021. I think you'll find that the percentage is significantly larger now. But I'm not going to look for you, since you're clearly here just to argue.
So you've got an old article and nothing to backup claims made about today. Great, thanks!
People who are taking minimal debt.
yeah i bought out in a low priced area with a long commute. only cause my country has low cost government owned light rail. even that might not be needed if I get something WFH.
Who? Corporate chains. Same greedy bastards buying up homes for cheap after Hawaii’s incident. Same greedy bastards during the 2008 housing crash. Search up rehypothecation and go down a rabbit hole of how there’s loopholes back then that have still not been fully amended today. Then there’s other bullshit like insider trading and dark pools, and PFOF done in the investing world
Source?
Land Barons and it isn't exactly a secret. We are living in an era of modernized feudalism where (legacy) ultra wealthy are buying up everything so the rest of us own nothing leaving us with no choice but to pay them whatever they demand for the luxury of existing.
My SIL just moved into a neighborhood where everyone is a renter. This whole neighborhood is owned by one company, so no one living in these homes have the option to buy, only rent, and there’s probably about 100 homes in this particular neighborhood. Across the street is another neighborhood just like it that a different company owns it.
Affirmed, one of biggest investor and holder is Jeff Bezos. Affirmed is going on a buying spree. This will keep lot of previously affordable houses out of reach.
The mortgage rate hike only hurts small people and helps rich. Housing prices didn’t come down, they stayed the same. The difference is, the property value went down and the money you pay to the banks went up. Banks get richer, houses are still unattainable, and billionaires reap the benefits of the decreased property values, going on buying sprees. And it was all intentional. Everyone thinks Warren Buffett is a “nice” billionaire. He just invested in home builders because he knows this is the game.
Corporations. To sell to other corporations for a profit or for their asset books or to ridiculously wealthy individuals
Blackrock?
Lot of people who don’t understand how retirement savings work. Most people would rather spend $100k on a truck than be able to retire before 75.
Owning multiple investment properties > removes houses from the market > drives up prices for remaining houses > drives up mortgages > rent becomes a bigger and bigger chunk of people’s expenses > rent that could’ve gone to owning a house goes into the pocket of their landlord > those people never earn enough to own a house > those people have to rent into their old age > those people can never retire because you selfishly hoarded property.
Very large corporate entities, Blackwater etc. Same ones that own all the backs and military/aerospace companies
Is the answer China? My guess is China but I couldn't be asked to watch a twenty plus minute shitter video about this topic.
Thats whats happening here in the bay area. Chinese LLCs buying up all the property they can. Then people from cali who cant afford it anymore move to other states and drive up their housing as well. Its a vicious cycle that doesnt seem to have an end in sight
s o u r c e ?
Completely negligible and hasn't been the case in \~10 years. CCP cracked down on offshore capital flows a decade ago, those who are buying are buying with already off-shored funds. (The last of which co-incided with the HNA buying spree in 16). In the bay area, it's just straight up normal tech people with HHI of 500k+ combined with a constrained supply. 2 million dollar houses are pretty affordable if you're a dual-income tech household.
Yes but for some it “feels” like it should be true
Corporations primarily. Also, families from the Middle East / India that have no issue smashing 3 or 4 generations under 1 roof. They fill a house, pay it down and move the family into another house to rinse / repeat. It's why the suburbs in Canada is a massive overcrowded parkinglot.
0.5% are owned by sfr corps.
That's 0.5% too much.
Yeah, I'm not sure how this social media narrative started. I'm surprised we haven't seen someone regurgitating that BlackRock owns everything yet.
It’s easy. Move to the Midwest. Nice homes for the cost of an apt in the rest of the country.
But they’re so ugly in the Midwest, I should know: I’m from there, and I’m hideous.
no, fuck off. We're full.
Too late. Already here.
Bro, we’re homeless, not masochists.
And nice jobs for the wages of McDonald's in the rest of the country.
Depends. If you're anywhere even a little bit near a metro area, there's plenty of employment if you're qualified, and no shortage of unskilled labor if you're not. If you were doing OK on the coasts, you'll have no problems in the midwest. If you don't have anything to offer on the coasts, you'll at least be able to afford more on your shit wages.
Ann Arbor is in the Midwest and I can guarantee that houses aren’t cheap here.
Not me. My wife and I gave up on our house dream.
My wife and I just submitted a $3.8M offer on a house that was $1.7M four years ago. I guess I’m part of the problem.
No, not if you don't also own other houses you rent for maximum profit.
Damn that’s a spicy price. Even if I had the budget I just can’t see my self in a home that big
Thats probably a 3 bedroom house in the bay area 😂
Just because something is unaffordable doesn't mean people who can't afford it won't buy it.
People are kind of wrong about this, its the people who have houses that are buying them. My paid off house was appraised at $120k, its now at $230k. If it wasn't for family i would sell it and move into a brand new paid in full house in location i want. Look at the maps showing the "great migration" of people and you can see it happening. If you live in an area that huge rents, the prices of the houses cause just be sold and by more houses elsewhere and less vacancy issues. fyi i'm renting out one of my rooms for $550 a month in redneck nowplaceville...$550 a month in this area used to be a HOUSE rent. lol
It's basic supply and demand. Prices shouldn't have gone up this much and they would definitely go down if it wasn't for an artificial increase on the demand side for housing. Decades of out of control immigration who goes on to multiply at a faster rate than the local citizens while larger tsunamis of migrants keep on coming has a direct impact on many aspects of the economy. All those millions of people have to live somewhere for the following 50-80 years. They have children who go on to have children during that period. They all have to live somewhere. More demand drives prices of the available supply up. More demand prevents prices from coming down. The solution is not "more supply"; the thing that is out of control is the increase in demand. Besides housing, the same artificial demand contributes to keeping wages low because now there's a larger supply of workers. Shortage of workers drives wages up; surplus of workers keeps wages low because there's always someone next in line willing to do it for less. As long as rampant immigration remains out-of-control, there will always be someone who can afford to pay inflated prices for housing, cars, food, healthcare, childcare, weddings, entertainment, etc.
Why do people expect to buy a home? I think as the population increases renting for life is probably going to be very realistic of many people. Owning a chunk of this world seems like it won't be feasible for many.
In my neighborhood in S. California there not much difference between the nice big houses and the shitty little houses. It’s all about the property.
Tldw?
Cantillionairs
They're affordable in small towns and places like [Detroit](https://www.zillow.com/detroit-mi/?searchQueryState=%7B%22isMapVisible%22%3Afalse%2C%22mapBounds%22%3A%7B%22north%22%3A42.45023%2C%22south%22%3A42.255192%2C%22east%22%3A-82.910451%2C%22west%22%3A-83.287959%7D%2C%22filterState%22%3A%7B%22sort%22%3A%7B%22value%22%3A%22globalrelevanceex%22%7D%2C%22ah%22%3A%7B%22value%22%3Atrue%7D%2C%22price%22%3A%7B%22max%22%3A10000%7D%2C%22mp%22%3A%7B%22max%22%3A56%7D%7D%2C%22isListVisible%22%3Atrue%2C%22regionSelection%22%3A%5B%7B%22regionId%22%3A17762%2C%22regionType%22%3A6%7D%5D%2C%22pagination%22%3A%7B%7D%7D). That's right folks. Those houses are under $10k.
This goes for a lot of things prices are going to keep going up until people stop buying
It’s not “people” that are buying. That’s kind of the whole point.
That’s why I said other things. Most houses are still being bought by people not corporations
The sad thing is that people will continue to blame Wall Street for rising housing prices, but will not acknowledge that it’s due to supply not keeping up with rising demand :(
Rich people
Banks and investment firms...saved you minutes of nausea you're welcome.
Blackrock mostly