Wall Street’s Investment into Housing has Unintended Consequences

Facebooktwitterlinkedin

Posted To: MND NewsWire

Unless you were involved in the housing industry or suffered the loss of your home, you probably didn’t notice or have by now forgotten one of the most lasting effects of the Great Recession . As home prices plummeted and an estimated six million homes were lost to foreclosure or short sales, there was a massive influx of institutional investors into the rental market. According to Ian Formigle Chief Investment Officer of CrowdStreet, almost 83 percent of single-family rental residences were owned by individual, so-called mom and pop, investors in 2001, By 2015 that had dropped to about 75 percent as Wall Street firms gobbled up, per Zillow, 5.4 million single family homes between 2006 and 2017. This, by the way, was approximately the same time when the national homeownership rate declined…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Facebooktwitterredditpinterestlinkedinmail
Show Buttons
Hide Buttons