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Quoth the Raven's avatar

Sorry, I had comments off by accident. Got your emails. They are turned on now. Accident.

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J/W/G's avatar

Real estate broker for 30 years. I’ve never seen a time so difficult for first time buyers to get a foot on the bottom rung of the ownership ladder. Metro US “affordable” markets have been bought by corporate investors at rates over 30% of all available inventory. One client and his family sold their house in 2019, renting so they could be flexible for a job relocation that didn’t materialize. Now they literally can not afford the house they sold 3 years ago, 200k to 350k increase. Single family homes have become an institutional investment vehicle and it’s a terrible thing for communities and individuals. Rent meanwhile has increased so much you can forget saving for a downpayment- add to that other inflation and it’s impossible. Trillions of QE $ had to go somewhere- hard assets like income producing real estate have inflated drastically. Gee, it’s like some folks had an inside track- go figure. If you can’t get into that first house and maintain ownership, you really are likely to own nothing, but sadly you won’t be very happy about it.

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