this is interesting, funds scooped up zillions of forclosed homes for renting
Remember what they were saying about speculation in housing before bubble burst, buy house only if you intendto live in it. Blah blah bla, look for another disaster to happen as soon as the rates go up, do not buy homes from hhese funds as nothing has changed, pay remains stagnent for over a decade, high unemployment, and no easy funding is available. they are looking for suckers to byte it again, it will take 10 more years for real recovery to bring prices where they were in 2007 at best, look at Japan, 30 years later and still prices did not recover interest rates there near 0% all this time.
In vegas especially. There are huge funds like Black Stone financial and Waypoint homes coming in with billions and buying everything available. They're buying shortsales, trustee sales, anything and everything and paying market value sometimes even high because of the inventory crunch. Regular homebuyers have nowhere else to turn except new homebuilders, which is why all the builders are having such a good 1st quarter. Come 2014 inventory will come back but the big question is with these funds still be buying everything available when inventory finally does come back? I'd say builders are a safe bet until at least 2014 for stock buyers.