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Posted on 4/16/24 at 3:14 pm to Big Scrub TX
quote:
Why are they paying above asking price (unless that's the real market clearing price)?
There was an epidemic of this kind of thing during and after Covid in which people would show up with cash and offer over asking in order to close immediately.
A cash sale beats the living frick out of a mortgage sale given all the headaches with banks, appraisers, etc.
As far as why it was happening, it was generally outflow from Cali and the NYC area who had cash on hand and decided they wanted specific houses in specific areas (Dallas, Nashville, etc) as they were still making in person rates while telecommuting to jobs in those high cost areas.
As far as corporations doing it, my guess is that real estate is speculative and they figured that controlling a lot of supply would give them a ton of income potential.
Keep in mind this was also right after the government foreclosure furlough in which a bunch of landlords were getting fricked by deadbeats being unwilling to pay.
A corporation has more resources than an individual to deal with this kind of thing, be it outright owning the property instead of it being mortgaged or having legal resources to kick out problem tenants that mom and pop landlords don’t.
Posted on 4/16/24 at 3:20 pm to tide06
quote:
They were fine until we printed half the money in circulation in response to Covid.
Yeap Trump had to get those stimulus checks out
Posted on 4/16/24 at 3:21 pm to AmishSamurai
quote:
but the genx /gen z/ miillineals who continue to vote for these policies ... not so much
Who exactly voted for PPP loans and wild government spending during Covid? Who was president during Covid? This isn’t one person’s fault or one party’s fault. This is a result of 40 years of shitty policy from BOTH parties.
Posted on 4/16/24 at 3:22 pm to Ag Zwin
quote:
Why?
I don’t have a strong opinion either way. I’m just interested in the thought process.
People need homes more than these corps need more profits. If someone could show some sort of logical proof that corps buying these homes leads to more jobs and more money for your average american maybe then I'll change my opinion. Until then, the renter class will only grow.
Posted on 4/16/24 at 3:25 pm to 4cubbies
quote:
Who was president during Covid?
Biden was president during Covid longer than Trump. Biden became POTUS in Jan 2021 and didn't end the Covid Emergency until May 2023. Trump was POTUS from March 2020 at the declared beginning of Covid to early Jan. 2021.
This didn't go as you expected, did it?
Posted on 4/16/24 at 3:28 pm to Tomatocantender
So the PPP handout happened under Biden’s watch? You’re blinded by tribalism. Wake up! No one with any semblance of authority gives one single shite about you or any of us regardless of what letter is behind their names.
Posted on 4/16/24 at 3:30 pm to Old Money
quote:
People need homes more than these corps need more profits.
No one in charge agrees with you. They benefit from corporate profits by way of bribes. We’re doomed as long as people keep hysterically screaming about how terrible the other side is. We have to come together and demand better from our shithead leaders.
Posted on 4/16/24 at 3:32 pm to teke184
quote:
As far as corporations doing it, my guess is that real estate is speculative and they figured that controlling a lot of supply would give them a ton of income potential.
Large investors own somewhere between 500-700K single family homes (depending on the source). There are nearly 90 million single family homes in the US, and about 14 million are rentals. You can probably make a decent argument that large institutions are having an impact on rents, but impact on the sale/resale market is hard to see - unless you're talking about a specific zip code where they're extraordinarily active.
Posted on 4/16/24 at 3:32 pm to 4cubbies
quote:
You’re blinded by tribalism.
No, just math. You asked the question and I delivered the answer with facts. Nice try though.
Posted on 4/16/24 at 3:34 pm to 4cubbies
quote:
No one in charge agrees with you. They benefit from corporate profits by way of bribes. We’re doomed as long as people keep hysterically screaming about how terrible the other side is. We have to come together and demand better from our shithead leaders.
Come together as in vote Democrats/RINOS? That is a big ole naw from me cubbies.
Posted on 4/16/24 at 3:37 pm to 4cubbies
quote:
We have to come together
How?
Posted on 4/16/24 at 3:38 pm to David_DJS
quote:
Large investors own somewhere between 500-700K single family homes (depending on the source). There are nearly 90 million single family homes in the US, and about 14 million are rentals. You can probably make a decent argument that large institutions are having an impact on rents, but impact on the sale/resale market is hard to see - unless you're talking about a specific zip code where they're extraordinarily active.
I'd guess they are investing in specific markets and having an impact there.
It wouldn't boost the entire market any more than house prices in Madison effect those in rural WI.
Posted on 4/16/24 at 3:39 pm to lsuguy84
Engage with all our elected officials and demand policies that actually benefit regular Americans.
Vote out every single incumbent at every single level of government.
Vote out every single incumbent at every single level of government.
This post was edited on 4/16/24 at 3:40 pm
Posted on 4/16/24 at 3:40 pm to stout
Glad I listened to Dave Ramsey and bought my house with cash.
Posted on 4/16/24 at 3:41 pm to Warboo
quote:
Come together as in vote Democrats/RINOS? That is a big ole naw from me cubbies.
I’d prefer us come together in civil disobedience/organizing but that’s now illegal in Louisiana.
Posted on 4/16/24 at 3:41 pm to 4cubbies
quote:
Vote out every single incumbent at every single level of government.
You’re speaking my language now
Posted on 4/16/24 at 3:42 pm to Tomatocantender
quote:
You asked the question and I delivered the answer with facts.
Trump was president during Covid. Trump oversaw the PPP handouts.
Since we’re talking about facts.
Please downvote facts to demonstrate how logical and rational you are.
This post was edited on 4/16/24 at 3:46 pm
Posted on 4/16/24 at 3:44 pm to lsuguy84
quote:
Vote out every single incumbent at every single level of government.
Tom Clancy wrote a book about the entire US government being taken out 30 years that discussed how fricked up they all were.
30 years ago they were bad enough to write a book about it.
This post was edited on 4/16/24 at 3:45 pm
Posted on 4/16/24 at 3:48 pm to lsuguy84
quote:
You’re speaking my language now
This has been my talking point for at least the last decade.
They’re all the same and they’re all evil. Abolish everything. Start over.
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