This page has been archived and commenting is disabled.

Buy-To-Rent Is Officially Dead In California

Tyler Durden's picture


Submitted by Michael Krieger of Liberty Blitzkrieg blog,

I’ve chronicled the saga of “buy-to-rent” for well over a year now. From some of its most exuberant phases to its now epic retreat (investment firm property purchases are now down 70% year-to-date).

It seems as if the pullback of private equity and hedge funds from this asset class is even more brutal in certain regions, with Blackstone now reporting its purchases in California down a staggering 90% this year.

Not to worry, I’m quite certain unemployed and deeply indebted recent college graduates will soon pick up the slack due to the anticipated resurgence of subprime lending.

From the LA Times:

This time last year, investment firms raced to buy dozens of single-family homes in neighborhoods from Fontana to South Los Angeles to lease them out, transforming the mom-and-pop rental business into a Wall Street juggernaut.


But now the firms themselves have all but stopped buying in Southern California, the latest evidence that home prices have hit a ceiling. The professional investors no longer see bargains here.


The real estate arm of Blackstone Group, the largest buyer, has cut its California purchases 90% over the last year, a spokesman said. Santa Monica company Colony Capital reports a similar retreat. Oaktree Capital of Los Angeles, meanwhile, is looking to cash out by selling its portfolio of more than 500 homes, many of them in Southern California.

But prices have since been flat in Southern California. Many families are taking a pass on the more expensive homes. And the math doesn’t work on Wall Street either.

“Prices have gotten to the stage where we cannot buy a house, renovate it, rent it and still make a reasonable return,” said Peter Rose, a spokesman for Blackstone, which owns roughly 41,000 rental houses nationwide. “There was a moment in time where it made sense.”


On Wednesday, some of the bigger players launched a trade group, the National Rental Home Council, to advocate for their interests in Washington.

Yep, just what we need.

"People want to live here, whether they buy or rent,” said Gary Beasley, chief executive of Oakland company Starwood Waypoint Residential Trust.
“Most of the low fruit has been harvested, but there’s still plenty of fruit in the tree,” Beasley said. “And we’ve got fruit pickers.”

Seriously, where do they find these people…

Full article here.



- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 04/01/2014 - 11:15 | 4613787 Its_the_economy...
Its_the_economy_stupid's picture

investment firm property purchases are now down 70% year-to-date


This is not a retreat.


The buy to rent crowd simply owns it all now.


Tue, 04/01/2014 - 11:20 | 4613801 Haus-Targaryen
Haus-Targaryen's picture

Yellen "Crap, printing isn't doing it anymore.  What can I do to get people to start spending money again."

Krugman "You could try and establish a housing bubble based on subprime loans.  There are millions of Americans who want a home, but cannot afford one because they are not credit worthy.  If we were to extend credit to these people, in large numbers, then I think that would do the trick."

Yellen "Ok sounds good. What could go wrong?"

Tue, 04/01/2014 - 11:20 | 4613806 LawsofPhysics
LawsofPhysics's picture

pushing all the risk to the underlying currency....

Tue, 04/01/2014 - 11:21 | 4613808 Shocker
Shocker's picture

The Housing market is spent, until at the very least the Job market stablizes.

Layoff / Closing List:


Tue, 04/01/2014 - 11:33 | 4613837 CrashisOptimistic
CrashisOptimistic's picture

Fruit pickers!!!

Why doesn't that suggest to someone to BUY A FUCKING ORCHARD AND ACTUALLY HAVE FRUIT TO SELL?

Tue, 04/01/2014 - 11:42 | 4613864 El Vaquero
El Vaquero's picture

Because, ummmm, uhhhhh...




Wait, what was I saying?  When is Dancing With The Stars on?

Tue, 04/01/2014 - 11:44 | 4613871 BigJim
BigJim's picture

Actual stuff is so 20th C, dude! Get with the program - we're now creating wealth with our latest bit of creative financialisation.

FBS* will liberate orchard owners from the tedious and back-breaking toil of actually producing fruit, and enable them to sit at home sipping Pina Coladas while watching their FBS trade ever higher on their Bloomberg terminals. THAT is progress!

*Fruit-Backed Securities 

Tue, 04/01/2014 - 11:48 | 4613884 BigJim
BigJim's picture

Of course, the more orchard growers switch from growing fruit to creating CFOs*, the less fruit will be produced, so the higher their FBS will trade. It's a win-win!

*Collateralised Fruit Obligations 

Tue, 04/01/2014 - 12:23 | 4613980 thamnosma
thamnosma's picture

The fruit pickers will be the first in line for the new sub-prime market.

Tue, 04/01/2014 - 12:29 | 4614005 Miffed Microbio...
Miffed Microbiologist's picture

There are many here that did that. Now they are being denied water. All the fantastic fertile land in Cali is for naught without water. Of course you are probably speaking metaphorically.


Tue, 04/01/2014 - 14:06 | 4614343 SmackDaddy
SmackDaddy's picture

Was looking at the central valley on google maps.  Honest question from a midwesterner;  is it green (esp the southern half) b/c it's "fertile" or b/c it's irrigated?  Perhaps fertile to you = sunny.

Tue, 04/01/2014 - 20:46 | 4615678 Miffed Microbio...
Miffed Microbiologist's picture

Actually smack daddy the soil in many places is rich and loamy. Growing up in Malibu and Ojai we traveled to LA and the Central Valley frequently. Some areas had clay but most was very good. Water is the issue. When I went to WA, I was amazed how many people dry land farmed with good success. I'm not sure if that is possible in many areas of Cali. No way where we live now in the San Diego area but we live in the mountains. We amend our sandy soil with chickens and horses. Without the well we could not grow what we do. Sunny means longer growing season, certainly by no means do I imply that = fertile land.


Tue, 04/01/2014 - 13:36 | 4614226 daveO
daveO's picture

Corps know you have to have shelter before figs.

Tue, 04/01/2014 - 11:40 | 4613858 El Vaquero
El Vaquero's picture

The job market has stabilized for the time being.  It dropped precipitously post Lehman, hit a new normal low and has been bottom bouncing for the past 5 or so years with new jobs just keeping up with population growth and being mostly shit jobs.  It's stable and it sucks.

Tue, 04/01/2014 - 17:50 | 4615216 Rafferty
Rafferty's picture

True but the quality of the the jobs and the corresponding pay and conditions have all deteriorated.

Tue, 04/01/2014 - 11:21 | 4613807 Manthong
Manthong's picture

“the anticipated resurgence of subprime lending”

2 -4 -6 – 8.. Watch the Fed “Accommodate”

Tue, 04/01/2014 - 11:30 | 4613830 Milestones
Milestones's picture

Gee wizz, we have to go thru 3rd grade-again. Let's hear it for sub prim.              Milestones

Tue, 04/01/2014 - 11:44 | 4613854 RaceToTheBottom
RaceToTheBottom's picture

You got to hand it to the WS Banksters, they do negotiate well.

They will get more guarantees and free money to keep the illusion of a Realestate Market going....  But John Q Public will get nothing....   Except the bill.

Tue, 04/01/2014 - 13:24 | 4614185 tarsubil
tarsubil's picture

Push cheap credit to the little guys which will ultimately lead to a credit implosion. Give free cash to the elites which will buy everything on a discount. Gee, doesn't seem right to me.

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered." - Thomas Jefferson

Tue, 04/01/2014 - 13:38 | 4614238 daveO
daveO's picture

By Far, Jefferson's best quote.

Tue, 04/01/2014 - 14:18 | 4614399 greatbeard
greatbeard's picture

>> Jefferson's best quote.

Well of course it's his best quote.  He didn't say, or write, that.  More BS, repeated over and over again.

Tue, 04/01/2014 - 23:40 | 4616102 tarsubil
tarsubil's picture

There is no current documentation of it. This does not preclude there being documentation in 1933.

Tue, 04/01/2014 - 11:16 | 4613792 PlusTic
PlusTic's picture

there are no mkts that aren't just a "game" anymore...fundamentals are dead, long live fundamentals

Tue, 04/01/2014 - 11:18 | 4613793 Doubleguns
Doubleguns's picture

Maybe there are no more houses to buy. hahahahahahahaha



edit:  Damn its-the-economy your beat me to it. 




Tue, 04/01/2014 - 11:19 | 4613799 starman
starman's picture

Here in Socal it starts smelling like 2008! And I've been saving just for that. 

Tue, 04/01/2014 - 11:26 | 4613820 Cursive
Cursive's picture


Yeah, but what is price equilibrium?  Prices never fully reset to equilibrium in 2008/9 because the Fed and .gov arrested "free market" activity.  Now, no one knows what real prices are.  Even afer a 30% price plunge, you could still be 50% or more over-valued once the ZIRP/QE punchbowl is removed.

Tue, 04/01/2014 - 12:26 | 4613990 thamnosma
thamnosma's picture

Absolutely, only a fool is salivating at some marginal drop in California unreal estate.  Until the feds stop protecting price levels (like that's going to happen) or forces beyond the feds end it, you'd be insane to buy there.   The prices, for what one gets, are still surreal.

Tue, 04/01/2014 - 15:46 | 4614768 Nick Jihad
Nick Jihad's picture

I live in LA, and I've been noticing how often the kids move in after their parents pass on. It keeps properties off the market, and keeps people in homes that they could never afford to buy. I don't know whether this is more common than in past generations, but it's worth noting that in single-child families, which are more common today than in the past, there is no need to sell the house in order to divide the estate equally among the heirs.

Tue, 04/01/2014 - 11:29 | 4613828 disabledvet
disabledvet's picture

what was the deal with that earthquake in So Cal?

they had one in Yellowstone too.
"first time in many years."

Tue, 04/01/2014 - 12:17 | 4613966 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

It was the Russians & Chinese dumping Treasury bonds.

Tue, 04/01/2014 - 12:19 | 4613968 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

Oops, it was home prices crashing.

Tue, 04/01/2014 - 18:56 | 4615351 Gift Whores
Gift Whores's picture

It was actually my Elite 8 bracket crashing.

Tue, 04/01/2014 - 14:10 | 4614356 Doubleguns
Doubleguns's picture

Disabledvet, there are quakes in yellowstone all the time. Size matters however. Check out this site to view the quakes around the world.

Tue, 04/01/2014 - 11:20 | 4613800 LawsofPhysics
LawsofPhysics's picture

It is a rentier (robber barron) world again folks.

The real owners want their dues...

eat your fucking peas and pay up..

This will "end" like it always does so hedge accordingly.

Tue, 04/01/2014 - 11:45 | 4613876 El Vaquero
El Vaquero's picture

Fuck the peas.  Let us go eat some cake!

Tue, 04/01/2014 - 12:26 | 4613991 SDShack
SDShack's picture

Eactly right. I've been saying it for years... what's coming is the New Feudal World Order. The evidence is all around us, and the headlines prove it everyday.

Tue, 04/01/2014 - 13:41 | 4614250 daveO
daveO's picture

Corp's buying rental houses says it's already here! 

Tue, 04/01/2014 - 11:23 | 4613811 Cursive
Cursive's picture



On Wednesday, some of the bigger players launched a trade group, the National Rental Home Council, to advocate for their interests in Washington.



Tue, 04/01/2014 - 11:27 | 4613821 NotApplicable
NotApplicable's picture

Slumlords R Us?

Tue, 04/01/2014 - 12:27 | 4613992 thamnosma
thamnosma's picture

There's another group to be designated for the guillotine.

Tue, 04/01/2014 - 12:55 | 4614097 insanelysane
insanelysane's picture

This group will advocate that the government should spend "as much as it takes" to house the homeless in their rental properties.

Tue, 04/01/2014 - 13:44 | 4614266 daveO
daveO's picture

Also, that they need a bailout to support said deadbeats when the market tanks.

Tue, 04/01/2014 - 11:24 | 4613814 Hongcha
Hongcha's picture

Oh my, you would not believe how overbuilt places like Emeryville are for condos - sprouting up along San Pablo and Hollis Streets like mushrooms.  How are they going to sell all these?  My guess is, that's another trick up the fed's sleeve ... "houses for Gen Y."  3% down, guaranteed loans at 5-6% for starters to sell these condos.  They have to keep the plates in the air.  Watch the SF Bay Area very closely ... it's the last bird standing in the coalmine, gentlemen.

Tue, 04/01/2014 - 12:28 | 4613999 thamnosma
thamnosma's picture

I see more crap going up in the southern California "Inland Empire" and there's already a glut.  I don't get it.

Tue, 04/01/2014 - 17:57 | 4615232 Rafferty
Rafferty's picture

 How are they going to sell all these?


Import millions more 'undocumented'.

Tue, 04/01/2014 - 11:24 | 4613816 nightshiftsucks
nightshiftsucks's picture

I live in the SF East Bay Area and houses are starting to sit,I see a bunch more open house signs.

Tue, 04/01/2014 - 11:28 | 4613824 onewayticket2
onewayticket2's picture

I hear military grade weapons are moving briskly in SF....


Tue, 04/01/2014 - 13:59 | 4614327 Hongcha
Hongcha's picture

Yee wanted to be a warlord in the Phillipines.  I rather respect him for taking a chance; I mean, what fucking difference does it make?  Much preferable to the wheedling, finger-wagging crones that run California - Boxer, Feinstein, Pelosi.

Yee is of course a complete hypocrite but he had a goal and wasn't pissing himself in the presence of weaponry, like these beetches named above...

Tue, 04/01/2014 - 11:32 | 4613833 Cursive
Cursive's picture


I'm in a backwater community of Louisiana (which is to say, just the opposite of SF).  The housing market here never "overheats," but by the same token, it never really stagnates.  Well, it's stagnating.  Realtors, as a group, rarely complain because they wish to maintain the "it's never been a better time" meme above all else.  My neighbor was complaining last week about having to price her house at a loss after commissions (and that assumes that she gets full asking price, which she conceded is a long shot).  It's bad and it's getting worse everyday*.


* Excluding Wall Street, bankster types and the 0.01%ers.

Tue, 04/01/2014 - 11:29 | 4613827 SDRII
SDRII's picture

Qatar is part of UAE: Dubai security official

A good referendum on Obama's success in Saudi. The GCC rift continues to escalate.
Tue, 04/01/2014 - 11:33 | 4613832 RaceToTheBottom
RaceToTheBottom's picture

Well, if the naked marketplace cannot justify the likes of Blackstone investing in this stuff, we will just have to change the marketplace.....


It is good to be from WS.

Tue, 04/01/2014 - 11:35 | 4613840 q99x2
q99x2's picture

FRAUD is failing as a FED tool to prevent their ponzi from collapsing. Shouldn't be long now. I'm planning to keep my ass parked in the UC system on the ocean at Santa Barbara during the collapse. I like being close to an escape route.

Tue, 04/01/2014 - 12:44 | 4614045 SDShack
SDShack's picture

Wrong. Fraud is the ONLY thing the FED has that is keeping the Ponzi alive. And with the Rule of Law being dead and buried, Fraud will continue to infinity and beyond. There is nothing to stop it! Someone, please tell me what is on the horizon to stop the fraud? 0zer0? The Eric Holder Justice Dept? The SEC? The CFTC? Congress? The Tea Party? The FBI? The CIA? The NSA? The IRS? John Corzine? The game is already over. Fraud is now perpetual so the Ponzi is perpetual. Hasn't the last 6 years taught you anything? This only ends violently, probably due to some unexpected event halfway around the world sparking a contagion that engulfs the world. What the spark is, I don't know. But we are not anywhere close to the ponzi collapsing. TPTB have gamed the entire world with Fraud, and bribed the people to accept it. Bread & Circuses for the slaves. They also have control of the security systems, so any revolt will be put down fast and furious as soon as it starts so it won't grow and spread. There is a reason why DHS is stockpiling billions of rounds of ammo. It is going to have to get A LOT worse before it all collapses. And by worse, I mean people starving in the streets. That will take years, maybe decades.

Tue, 04/01/2014 - 12:47 | 4614063 El Vaquero
El Vaquero's picture


Someone, please tell me what is on the horizon to stop the fraud?

Limits in physical resources ueed to enforce the fraud.

Tue, 04/01/2014 - 12:55 | 4614096 SDShack
SDShack's picture

Limits on physical resources just means RE-ALLOCATION of physical resources from the masses to the elites. Same as it ever was. Bread & Circuses for the slaves, while the masters rule in palaces with the finest food and drink. When in history did a king, his family, and his Lords ever starve? No, limits on physical resources won't stop fraud. Hell, look at Nazi Germany. Bombed to oblivion. Encircled on all sides. All outside resources cut off for years. Did that cause Hitler to starve? No, only the people starved. Even the German army was still being fed. Not well. but fed. Resources will ALWAYS flow to TPTB until the very end.

Tue, 04/01/2014 - 13:05 | 4614126 El Vaquero
El Vaquero's picture

The problem is, it is taking more and more resources to extract oil.  That will eventually break the system, and even the elites depend on oil.  You cannot reallocate zero.

Tue, 04/01/2014 - 13:18 | 4614157 SDShack
SDShack's picture

There will never be zero oil. That is preposterous. As economies break down oil demand falls, just like in every recession. That will extend supplies, and those supplies will be re-allocated to the elites. Just like WWII rationing. Wake up. The elites will never be deprived of oil. History has proven it time after time. What you believe in, will never happen.

Tue, 04/01/2014 - 13:23 | 4614182 El Vaquero
El Vaquero's picture

This is a physics problem as much as it is an economics problem.  It requires a complex energy consuming economy to extract oil today.  Once that starts to break down, the people who extract the oil will not be able to get the things that they need to extract the oil because the energy won't be there.  Even the elites cannot trump the laws of physics. 

Tue, 04/01/2014 - 13:51 | 4614296 daveO
daveO's picture

You had me until you said 'years, maybe decades'. I see years, but not decades, before the Obama voters are starving in the streets. I wonder if it'll be legal to kick them when they ask me for handouts? Hyperinflation will be kickoff. That's why the US is instigating international trouble to maintain the Petro Dollar.

Tue, 04/01/2014 - 16:18 | 4614853 CrabNuggetOne
CrabNuggetOne's picture

Completely agrre with you on everything but timing. The fact is, your lunatic government is deliberately setting fires everywhere it can, while the sensible grown-ups around try to dowse the flames. However if they DO manage to start a blaze which threatens a grown-up, there can be only one response and it will end very quickly, think in terms of a few minutes.

edit, tried to reply to previous post from sdshack, newbie so I've a lot to learn!

Tue, 04/01/2014 - 11:39 | 4613856 ebworthen
ebworthen's picture

The big one is coming CA, time to sell.

Tue, 04/01/2014 - 11:42 | 4613865 Ban KKiller
Ban KKiller's picture

The NOBLE professions. Farming, Health Care, Construction, Education, Public Service. 

Massive decentralized energy construction is part of the answer.

Home gardens are part of the answer. Localized neighborhood farms are the upcoming trend for obvious reasons. 

LONG term thinking about education would be a good idea. Mechanical trade education to fill the energy jobs. 

By energy I mean solar and wind. 

Banksters? Realtors? Wall Street leeches? Loan Brokers? Guess evil assholes are part of the mix. Hard to set aside greed, no?

In a free market we wouldn't have so many problems. Big banks would be DEAD in a free market. 

The collapse is here... it is comfortable for most far. 

Tue, 04/01/2014 - 11:48 | 4613885 El Vaquero
El Vaquero's picture

I don't know why people always tout solar and wind.  If the equipment to harvest the energy is not renewable, the energy source is not renewable either.  What materials does it take to build a wind farm or a solar farm again?

Tue, 04/01/2014 - 11:54 | 4613909 The Abstraction...
The Abstraction of Justice's picture

Silver and rare earths, all the metals that are going dodo.

Tue, 04/01/2014 - 12:31 | 4614015 thamnosma
thamnosma's picture

Exactly right, cowboy.   They are no different from any other energy source except for being less efficient and completely undependable.   Nothing wrong with putting up a home solar system in the right place, but these mega-projects in the desert are pure fiascos.   Give me coal and natgas anytime.

Tue, 04/01/2014 - 13:36 | 4614223 Ban KKiller
Ban KKiller's picture

Yes, small scale systems. For less then 2k you can have a system that will run your freezer and fridge. Small biomass for anyplace with fuel. Small windmills for homes, business are starting to make real sense. 

Large scale systems invite large system failure. Nukes...for example. 

Tue, 04/01/2014 - 14:32 | 4614459 thamnosma
thamnosma's picture

Agree and the technology exists to do the small scale decentralized stuff.  You can add battery back-up or stay connected to the grid.  The solar works when it really needs to -- hot sunny summer days.  Get your AC for free.  You are also right in having an even smaller system just to run fridge, computer, hot water, etc.

Tue, 04/01/2014 - 11:52 | 4613900 buzzsaw99
buzzsaw99's picture

The fed will do all they can to help Blackstone dump those houses onto poor people.

Tue, 04/01/2014 - 11:53 | 4613904 Pairadimes
Pairadimes's picture

California is officially dead in California. FIFY.

Tue, 04/01/2014 - 11:53 | 4613905 Ignorance is bliss
Ignorance is bliss's picture

If they'd just let the market find its natural balance we would have real people participating in Real estate. Right now prices are too high. I make a decent nickel but the risk of being laid off is too high for the risk of carrying the debt. Therefore, I save In gold and refuse to participate in a market that is overvalued. I hate to rent, but I'd hate to lose tens of thousands or even hundreds of thousands and pay crazy property taxes and insurance for the privilege of home ownership. Everywhere I look people view their house as a savings vehicle. Can't say I blame them, the fraud on wall street is visible for all to see. If you play their game they will take your money.

Tue, 04/01/2014 - 11:59 | 4613924 evernewecon
evernewecon's picture





Found by moi.  Clueless as to

actual facts.


If yes, is the run done?

(was free article pass for a long

time, thereafter has appeared 

simply left publicly available)



Should be non-recourse.


In the '80 bubble/Resolution Trust Corp/

S & L bust people mailed in the keys, daily

saw another S & L on yet another street

corner closed.

This time what's been accomplished is those

who sold the bubble handed over to the

banks the cost of buying it.



The controlled inventory supply lifted

prices, cut entry properties (youngsters

with Mom/Dad longer, more homelessness.)


Newer Jurow Points:

Pent Up Selling Combining

With Weakening Sales;

-Bifurcated- Market,



Lower End Supply Constrained

But Higher More Active

(Which Would Aggravate The

Misleading Impression From:





Tue, 04/01/2014 - 12:10 | 4613949 the grateful un...
the grateful unemployed's picture

i thought these savvy wall street investors became cognitively impaired when it came to getting into illiquid, or roach motel stocks (which is why issuing more stock always makes the value of such a company go up) why did they get into real estate? if they build more of that the value is not going up, RE is not a phony paper asset that can be kited.

the solution to making RE an(other) investment scam will involve usg and subsidzed rent (more than it already does) and to take some product off the market (cash for shacks)  the obvious solution to not enough low hanging fruit is to have uncle shake the tree. these properties will have to be reclassified as HUD, and a lot of them will sit empty (MSM feature 2015) once a large number of properties are vacant the planning commish declares the area or unit blighted, and they gentrify. its hard to imagine LA getting bigger, but with the large number of hispanics its going to get crazy on the left coast. detroit will be a bargain. location location


Tue, 04/01/2014 - 12:25 | 4613954 socalbeach
socalbeach's picture

Like the article says, in CA prices have gone up so much over the last 2+ years, that the numbers don't work for all cash buyers.


The yield (Y) in terms of the rent (R), expenses (E), and purchase price (P) is simply,

Y = 100*(R-E)/P, adding initial fixup costs to the purchase price.

Around here, for an all-cash buyer, with low CA prop taxes, expenses are approximately 25% of yearly rent, so,

Y = 100*(R-0.25*R)/P = 75*R/P

Since then, prices have gone up about 45% and rents have gone up about 10%.  Using the same formula, the new yield would be,

Y = 100*(1.1*R-0.25*1.1*R)/(1.45*P) = 57*R/P.

So in other words the yield has gone down by 24%, a 5% yield 2+ years ago is now only a 3.8% yield, which isn't attractive.

Not that difficult to figure out.

Tue, 04/01/2014 - 12:47 | 4614067 I Write Code
I Write Code's picture

“There was a moment in time where it made sense.”

Well, this is true, and it was basically called 2012.  Mean prices have rebounded somewhat, but more important the median prices are no longer dragged down the the "bargain" foreclosures that the big money wanted - and was welcome to, actually.

But that's all between the mortgage banksters still holding a huge shadow inventory and the investment banksters just looking for trouble.  If anybody was looking for buy2rent being  long-term trend, well, not yet, not here, anyway.

Tue, 04/01/2014 - 13:08 | 4614134 Notsobadwlad
Notsobadwlad's picture

k3Wl ... bring back the free market.... and f*ck the banks.

Tue, 04/01/2014 - 13:36 | 4614224 A Cruel Accountant
A Cruel Accountant's picture

Just let the prices fall. Then the minimum wage college graduates can afford the houses and the bankers will get thier due!

Tue, 04/01/2014 - 14:34 | 4614472 Deer Hunter
Deer Hunter's picture

No problem here in Texas. Lots of work, oil, gas, food, water, guns, ammo, hunters and space. All the whites and browns do all the work, the coloreds are outnumbered and quite. Life is good.

Tue, 04/01/2014 - 18:42 | 4615324 W74
W74's picture

I hope they do proper credit checks and income verification.  Just wait until the Baltimoreans (I guess Oaklanders/Comptonians out that way) or the Guadalajarans get ahold of some of those units, tear them a new one, and then skip town.

Do NOT follow this link or you will be banned from the site!