patrick.net

http://news.firedoglake.com/2012/11/15/hedge-fund-blackstone-buying-100-million-in-foreclosed-homes-every-week/

Let’s forget the past, and look forward, and check out this housing boom, ay? It’s tiring to have to keep explaining this, but the housing “recovery” comes from two factors. One, banks have intentionally kept a lot of their inventory off the market. A LOT. Millions of homes. This, combined with the underwater homeowner catch-22 of not being able to list their home when they owe more on the mortgage than it’s worth, has led to artificially constrained supply. Then, on the demand side, institutional investors are scooping up homes in distressed sales and short sales, usually for cash, which...

#housing