As Housing Markets Recover, Wall Street Beats Families To Homes

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As Housing Markets Recover, Wall Street Beats Families To Homes

As Housing Markets Recover, Wall Street Beats Families To Homes

HuffPO-

By the values that have long governed American housing, Megan and Danny Gilbertson are precisely the sorts of people who are supposed to now be buying a home.

They have good credit, steady jobs and decades worth of earning potential ahead of them, but not a lot of money for a down payment. Recently married, they are eager to leave a cramped apartment for a home of their own in a revitalized neighborhood here, a few miles from downtown and recently populated with coffee shops, hip restaurants and young parents pushing strollers.

Many parts of Phoenix have in recent years been besieged by foreclosure and abandonment, and the Gilbertsons seem like prime candidates to join in the revival. They want to capitalize on historically low interest rates, and prices that they perceive to be a bargain.

But in the year since the couple first started their search for a home, they have found mostly bewilderment and exasperation, along with an unwanted lesson about the odd workings of a suddenly hot American housing market: Despite the headlines suggesting that housing is returning to normal, the Gilbertsons have discovered that homes are scarce, competition is fierce and much of the buying is dominated by funds financed by Wall Street and other out-of-town investors.

[HUFFINGTON POST]

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