Another great and right-on-the-money article was just released on ERate by award winning writer, Broderick Perkins on how investors are moving to the front of the line and paying cash for homes.
Great Article. This is exactly what is happening. I guess money talks, huh?
I do think however that something needs to be established where lenders can sell only a certain percentage of homes to non-owner occupied buyers to preserve some of the "opportunities" for hard working first-time buyers. For example, make it a rule that 25% of inventory can be sold to investors. It would and could work, and SHOULD work because investors are buying many of these properties at a discount because they have cash and lenders, being the greedy lenders that they are, don't care about the families wanting to buy and what it eventually does is hurt property values by lower prices and more rental properties.
Hey, I'm just sayin'...
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