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Blackrock is buying every single-family house they can find, paying 20-50% above the asking price and outbidding normal home buyers. Why are corporations, pension funds, and property investment groups buying? Mega landlords are beginning to buy up entire neighborhoods for much higher than the asking price. Blackrock among others has been pushing out homebuyers to acquire homes for rent “You now have permanent capital competing with a young couple trying to buy a house,” according to real estate consultant John Burns, whose firm estimates that in many of the country’s hottest markets, roughly one 20% of homes sold are bought by someone who never moves in.
“That’s going to make U.S. housing permanently more expensive,” said Burns, who thinks home prices will climb as much as 12% this year, on top of last year’s 11% rise.
His firm concluded “Limited housing supply, low rates, a global reach for yield, and what we’re calling the institutionalization of real-estate investors has set the stage for another speculative investor-driven home price bubble,” they also found that Houston has been a favorite location for investors, who have accounted for 24% of home purchases in the area.
Burns counted more than 200 companies and investment firms in the house hunt: computer-assisted flipper Opendoor Technologies Inc., money managers including J.P. Morgan Asset Management and BlackRock Inc., platforms such as Fundrise and Roofstock that buy and arrange for the management of rentals on behalf of individuals and builder LGI Homes Inc