Investors snap up single-family homes in US suburbs

Wall Street investors are reclaiming homes lost during the Great Recession and the coronavirus pandemic as the media reports shocking housing statistics.

the Washington Post investors said last year they owned nearly one in seven homes sold in major U.S. metropolitan areas. This is the most in 20 years, according to the Posts analysis of Redfin site statistics:

In Charlotte [North Carolina] and elsewhere, according to The Post’s analysis, investors have bought a disproportionate number of homes in neighborhoods where the majority of residents are black. Last year, 30% of home sales in majority-black neighborhoods across the country were to investors, compared to 12% in other ZIP codes, according to Post analysis.

In Charlotte and surrounding Mecklenburg County, Wall Street-backed homeowners own about 11,500 homes, or more than 4% of single-family homes, according to an analysis last year by the University of North Carolina at Charlotte. Urban Institute. Most homes are in the starter home price range, “probably putting the most pressure on the lower end of the market,” said the institute’s Ely Portillo.

Most of those purchases were made by one of six major out-of-state companies: Progress Residential, American Homes 4 Rent and Invitation Homes each owned more than 2,000 homes, according to the Urban Institute analysis, while Tricon, Amherst Residential and First Key each had over 1,000 homes.

the To post used stories from homeowners in some of the neighborhoods who buck the trend and how they are fighting back.

“We were bombarded,” Valerie Hamilton, former president of the Potters Glen Homeowners Association in her Charlotte, N., neighborhood, said.

“Don’t get me wrong – there are some great tenants in this neighborhood,” Hamiliton told the outlet. “But people who own their homes are generally more proud of their property, and we wanted to make sure we kept a place for them.”

“Our main concern was the faceless investment groups that were buying the homes more than the tenants,” said Justin Kerner, 41, a former board member of the homes association. To post report. “If we send a notice about litter on the lawn to a Las Vegas business, it will end up on the desk of someone who doesn’t care what the neighborhood looks like.”

And in addition to not maintaining properties, crime has also taken hold with rentals.

“Six houses had bullet holes,” Keri Miller, treasurer of the Avalon Homeowners Association in Mallard Creek, North Carolina, said of the crime in her neighborhood.

HOAs in some states have implemented new rules to limit rental inventory, including the requirement that landlords must not rent their homes for one to two years.

“It works,” Miller said.

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