Soaring home prices gave landlords an opening to jack up rents.
The housing correction intensifies—Blackstone to stop buying homes in these 38 regional housing markets
August 26, 2022 at 4:06 AM CDT
The Pandemic Housing Boom brought a flood of investors into the U.S. housing market. Mom-and-pop landlords rushed in. Airbnb hosts added to their portfolios. Amateur home flippers returned with a vengeance. Record home price appreciation also brought out the big dogs: Wall Street.
But that party is over now. Or at least on pause.
Look no further than Blackstone-owned Home Partners of America. The firm, which is one of the nation’s largest private landlords, announced on Thursday it will halt single-family home purchases in 38 U.S. regional housing markets by the end of September.
The U.S. housing market downturn will be worse in 2023, forecasts Goldman Sachs/BY