The Ugly Truth About America's Housing "Recovery" -- It's Wall St. Buying Homes to Rent Back to Their Former Owners

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The Ugly Truth About America’s Housing “Recovery” — It’s Wall St. Buying Homes to Rent Back to Their Former Owners

The Ugly Truth About America’s Housing “Recovery” — It’s Wall St. Buying Homes to Rent Back to Their Former Owners

AlterNet- By Shabnam Bashiri

There’s a new profit game being played on the people.

Every day, it seems a new report comes out praising the ongoing housing recovery. In Georgia, home prices are up 5 percent over last year, a year in which we also had one of the highest foreclosure rates in the country. Seems a little odd, doesn’t it? Don’t foreclosures usually drive down the market?

That’s because the housing “recovery,” as they’re calling it, is fueled almost entirely by Wall Street private equity firms, hedge funds and the Fed’s unwavering support. After creating a massive bubble in home prices that eventually burst and caused our economy to go into a tailspin, these guys have decided to come back for more, and figured out a way to profit off their destruction — by turning foreclosed homes into rentals and securitizing the rental income.

[ALTERNET]

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