It will be interesting to watch Zillow's entry into China with the US housing market site translated into Chinese. There is the expectation of a flood of wealthy investors from China rushing into all US markets. This seems to be a spread across the globe of wealth control by the few.
When the country was first founded only property owners could vote and everyone else was disenfranchised. Are we moving to a new kind of public disenfranchisement? With years of student debt upon graduation, diminished opportunity to own a home which represents financial stability, and no job security, are we passing on a future devoid of opportunity for the next generations?
Families Blocked by Investors From Buying U.S. Homes
By Kathleen M. Howley - Oct 24, 2013 7:10 AM PT
The homeownership rate declined to 65 percent in the first half of this year from a peak of 69.2 percent in June 2004. The level is expected to stabilize at about 63 percent, adding more than 2 million households to the rental population, according to Morgan Stanley analyst Haendel St. Juste.
Pendulum Swings Families are still able to live in single-family homes with a yard for their kids to play in, said Daren Blomquist, a RealtyTrac vice president. However, they’re sending their money to investor-landlords, rather than paying off a mortgage.
“The pendulum is swinging too far from the direction we saw during the run-up to the mortgage crisis,” Blomquist said in an interview. “Then, we tried to make everyone an owner. Now, we have people who have the income to pay a mortgage and have the desire to own a home who are stuck being renters.”
Read the article and view the video here
Licensed by CC-by-SA