The Next Big Housing Bubble?

| 11/27/2013 9:50:00 AM

Tags: Mortgage Crisis, Blackstone Group, Wall Street, Landlord, Foreclosure, Secondary Market, Bubble, Speculation, Tom Dispatch, Laura Gottesdiener.,


Wall Street took your house, now it wants your rent check.

This article originally appeared at Tom Dispatch.

You can hardly turn on the television or open a newspaper without hearing about the nation’s impressive, much celebrated housing recovery. Home prices are rising! New construction has started! The crisis is over! Yet beneath the fanfare, a whole new get-rich-quick scheme is brewing.

Over the last year and a half, Wall Street hedge funds and private equity firms have quietly amassed an unprecedented rental empire, snapping up Queen Anne Victorians in Atlanta, brick-faced bungalows in Chicago, Spanish revivals in Phoenix. In total, these deep-pocketed investors have bought more than 200,000 cheap, mostly foreclosed houses in cities hardest hit by the economic meltdown.

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12/3/2013 2:17:52 AM

No worries, this is North Carolina after all. Working class Southerners worship Wall Street, greed, and the unfettered free market. To do anything else would be "socialism" and incur the wrath of their Prosperity Gospel homophobic gun-toting deity (who suspiciously resembles Ayn Rand). Poor exploited people are that way because they DESERVE to be, not because of a casino capitalist system rigged by billionaire sociopaths. The only people who think otherwise are n**ger loving f*gs and dirty hippies (obviously).