Although home prices are not in the CPI, for an alternate calculation I am giving the Fed a break it does not deserve with that replication. Home prices have risen 111 consecutive months through May 2021.
Case-Shiller 10-City Comparison
Case-Shiller 10-City Percent Change
10 Key Points
Important Note
Those are NOT median prices. Case-Shiller tracks resales of the exact same home over time.
Questions of the Day
Note that Blackstone Became the World’s Biggest Landlord (paywalled, the idea is what’s important).
Also, please see Existing Home Sales Decline 4 Consecutive Months, Lowest Reading in 11 Months.
The WSJ reports Blackstone Bets $6 Billion on Buying and Renting Homes
Here’s a few paragraphs that caught my eye.
The investment firm confirmed Tuesday that it has reached a deal to acquire Home Partners of America Inc., which owns more than 17,000 houses throughout the U.S. Home Partners buys homes, rents them out and offers its tenants the chance to eventually buy.
Blackstone was among the big investment firms to buy houses in bulk in the aftermath of the subprime crisis, when lenders sold off foreclosed homes at marked-down prices. The New York firm built a portfolio of tens of thousands of single-family homes, then rented them out through a company called Invitation Homes Inc.
In 2019, Blackstone exited from the single-family rental business when it sold its last shares in Invitation Homes, which had become the largest U.S. firm in this industry with 80,000 homes for lease.
The firm is rejoining an expanding roster of Wall Street powerhouses that have acquired single-family rental companies. Canadian property giant Brookfield Asset Management Inc. recently acquired a stake in a landlord that owns more than 10,000 U.S. homes. J.P. Morgan Asset Management and Rockpoint Group LLC also have made big investments in single-family rental operators.
The NAR expects housing inventory to rise. If so, who is selling? Why?
If not, who are you competing with to buy?
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