Investor home purchases tumble 30% as rising mortgage rates cool housing market

Discussion in 'Current Events' started by sec, Nov 22, 2022.

  1. sec

    sec Well-Known Member

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    https://www.foxbusiness.com/economy...ble-rising-mortgage-rates-cool-housing-market

    HYPERLINK has full article

    snip

    Investor buying of U.S. homes plunged 30% in the third quarter, the largest drop since the 2008 financial crisis as rapidly rising mortgage rates cool the once red-hot housing market.

    Companies bought around 65,000 homes in the cities tracked by real-estate brokerage firm Redfin, compared with 94,000 homes during the same time one year ago, according to a new analysis published on Tuesday.


    end snip

    As you look around, is there any positive economic news for those not tied to Democrat initiatives? The regular folk are getting hammered since full Democrat control.

    What happens to the tradespeople who worked on the investment properties? I guess they can become a barista
     
  2. balancing act

    balancing act Well-Known Member

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    Isn't this good news for home buyers? Would falling home prices lead to lower inflation?
    Wow, the sun came up this morning. But damn, then it's going to go down.
    Oh no!
     
  3. mdrobster

    mdrobster Well-Known Member

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    Yes, those investors are just trying to turn over homes during those home buying periods where certain areas are growing. Only in rapid growth areas, not the usual rise in value homes.
     
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