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Fire Walk With Me

(38,893 posts) Mon Apr 16, 2012, 12:51 PM Apr 2012

"The top 1% is buying up all the real estate.” [View all]

“I’ve never seen it like this before,” Nordine said. “There are so many investors buying right now it’s insane. The top 1% is buying up all the real estate.”

Big-money investors, including Wall Street hedge funds and private equity firms, are positioning themselves to snap up foreclosed homes and convert them into rental units. Billionaire investor Warren Buffett, for instance, said in a recent cable news interview that he would buy foreclosed homes if he could find the right way to manage those properties.

http://www.latimes.com/business/money/la-fi-mo-southland-home-sales-20120314,0,6234067.story

49 replies

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Highlight:

"The top 1% is buying up all the real estate.” [View all] Fire Walk With Me Apr 2012 OP

Where? mmonk Apr 2012 #1

Really! tk2kewl Apr 2012 #3

That's not cheap enough for the rich. laundry_queen Apr 2012 #29

LA Times? Probably in Los Angeles county. Cleita Apr 2012 #7

Phoenix is one area where this is happening Mosby Apr 2012 #20

This is in Southern California pinboy3niner Apr 2012 #28

Disaster Capitalists? Junkdrawer Apr 2012 #2

This will lead to a new type of slum...suburban homes run down by landlord neglect... rfranklin Apr 2012 #4

Video: Tenants Claim Fannie Mae Properties Run Like Slums Fire Walk With Me Apr 2012 #17

+1 good point there flamingdem Apr 2012 #38

Might have been part of the plan all along liberal N proud Apr 2012 #5

monetization is king grasswire Apr 2012 #6

SMH Mr Dixon Apr 2012 #11

I have read similar musings here for years now and tend to agree. Poll_Blind Apr 2012 #16

I wrote this in 2007 SoCalDem Apr 2012 #34

You nailed it flamingdem Apr 2012 #40

It's GWB's 'ownership society' (ownership for the 1%) pinboy3niner Apr 2012 #41

Amen.. SoCalDem Apr 2012 #42

I started a thread on this a few months back. laundry_queen Apr 2012 #31

I read another article recently... Wind Dancer Apr 2012 #8

Now the reason behind the crash is apparent. arikara Apr 2012 #9

Turning Foreclosed Homes Into Rentals Could Be $100 Billion Industry This Year Fire Walk With Me Apr 2012 #15

You know what would stop this? Cleita Apr 2012 #10

Next stop... Gidney N Cloyd Apr 2012 #12

With medical marijuana instead of cheap booze.... Junkdrawer Apr 2012 #14

I was just thinking of George Baily cojoel Apr 2012 #21

IMO Mr Dixon Apr 2012 #13

The next Hustle Mr Dixon Apr 2012 #18

How does Prop. 13 factor into this? KansDem Apr 2012 #19

It depends on who holds the foreclosure. xxqqqzme Apr 2012 #23

This is actually not the worst news in the world WinniSkipper Apr 2012 #22

Yep. And there was a WSJ article some years back that told the 1% to go into survivalist mode. freshwest Apr 2012 #24

Du rec. Nt xchrom Apr 2012 #25

The same thing happened in the 1930's. nt ladjf Apr 2012 #26

Fire Walk With Me... about your name. Whisp Apr 2012 #27

Next thing you know... Speck Tater Apr 2012 #30

K&R. nt OnyxCollie Apr 2012 #32

Duh. :-/ - K&R n/t DeSwiss Apr 2012 #33

It's absolutely with out a doubt true! Harriety Apr 2012 #35

A lot of great upstanding people have bad credit and need to rent DaveJ Apr 2012 #36

The vultures are circling. penndragon69 Apr 2012 #37

Not surprised. caseymoz Apr 2012 #39

What bothers me the most... CoffeeCat Apr 2012 #45

It's an old game. bemildred Apr 2012 #43

Nice to see ya back FWWM Joe Shlabotnik Apr 2012 #44

Buying on the cheap so when the dollar dies lovuian Apr 2012 #46

Crop land is being bought up as well. Boudica the Lyoness Apr 2012 #47

I know people in Asia buying whole blocks of homes in NY State. Prometheus Bound Apr 2012 #48

One kick for this imperative story. Fire Walk With Me Apr 2012 #49