Soaring home prices gave landlords an opening to jack up rents.

FINANCE ·HOUSING

The housing correction intensifies—Blackstone to stop buying homes in these 38 regional housing markets

BYLANCE LAMBERT

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.

FINANCE HOUSING

The U.S. housing market downturn will be worse in 2023, forecasts Goldman Sachs/BY

LANCE LAMBERT

AM CDT