britanica Posted May 7 Share Posted May 7 I saw that Black Rock (or Blackstone? or both?) is hitting the housing market in a big way. This started in 2020 during the plandemic when people lost their homes due to not being able to afford them or people moving to other areas. They started offering above market value and snapped up a lot of houses. Needless to say, this continued into 2021, and 2022. As of this year, they are projected to own 40% of private housing on the market. This means these houses will become rentals or be used as air b&b destinations. I would imagine this will do wonders for the housing market... As in increasing the cost to buy a home even more. Right now, you can get a decent size house with a big yard in a safe area for around $240k with minimal work needed. This same house would cost close to if not over $1 million in the UK or AU. Not sure about Canada. My guess is by the time they destroy the market, it will be on par with other countries and you will need to be wealthy to be able to afford to buy a home in America. This is really bad. My husband and I intended on buying in 2020. It got pushed back because of covid. Then medical issues with our pets lead to a lot of bills. Needless to say, we are having to save for a down payment again. Only this time, because the interest rates are almost 7% instead of the 1.7% they were in 2020, we can't afford as much and there are seldom any houses in our price range now. When there is, they sell within 5 days. We would have to move to a rundown, crime zone if we wanted to buy a house right now. 2 Quote Link to comment Share on other sites More sharing options...
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